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Zomato Shares Down 7% On Slow Growth In Q3
Zomato flagged slow growth in the food delivery business due to an industry-wide slowdown. ( Shares were down 1.5% to 53.7 rupees at 11:17 a.m. IST. The stock closed marginally higher on Thursday ahead of the results. Gross order value - the total monetary value of orders - in the food delivery business grew a weak 0.7% quarter-on-quarter in what analysts expected to be a seasonally strong quarter. "Zomato turned adjusted EBITDA break-even for Jan (excluding Blinkit), a key positive," brokerage Jefferies said in a note. Source: NDTV
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