Zomato is in the news today though the stock price did not tank as much as expected. The stock, which had closed yesterday at Rs.144.10, remain range-bound in the Rs.140 levels, currently trading at Rs.142.
There were two news about the company. First was the resignation of one of the founder member, Gaurav Gupta who quit to pursue other “new chapters” in his life. This comes close on the heels of its announcement of shutting down its in-house grocery delivery pilot and nutraceutical business.
And then there is unconfirmed news that online food-delivery operators such as Swiggy and Zomato may have to pay GST on restaurant services supplied through them.
Business Standard has stated that estimating GST losses of Rs 2,000 crore in 2019-20 and 2020-21, the fitment panel has recommended food aggregators be classified as e-commerce operators and pay GST on behalf of the restaurants concerned.