Ashneer Grover takes a dig at Zomato after shares hit all-time low

On Tuesday, the stock of online food delivery service Zomato fell more than 11% and reached a record low during daytime trading. Ashneer Grover, founder and former MD of BharatPe, taking a dig on Twitter said the shares of Zomato would have risen to Rs 450 if it had merged with Swiggy instead of Blinkit.


“On the stock market - @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar @Swiggy ko merge kar liya hota to ₹450 ka stock hota !!" Ashneer Grover tweeted.


Food delivery platform Zomato recently paid Rs 4,447 crore to acquire Blinkit (previously known as Grofers), a cash-strapped rapid commerce company.

Previously, Grover was the chief financial officer at Blinkit for two years till August 2017.

Following the completion of the required pre-IPO (Initial Public Offering) shareholders lock-in period on July 23, Zomato shares nosedived on Monday.

Despite the fact that Zomato shares have been declining for several months, Grover had advised in May that purchasing the company's stock wouldn't be a bad idea.


"It’s all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at ₹140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from market freely. At ₹56 per share price, markets are giving everyone ESOPs," Grover had tweeted on 9 May.

In July of last year, Zomato made a spectacular debut on the public markets zooming to an all-time high of Rs 169.