Zomato rejects EY’s new valuation report that lowered its stock price value

Zomato has rejected a new valuation report by consultancy EY that lowered its stock price value for its acquisition of quick commerce startup Blinkit, according to the food delivery platform’s regulatory filing to the BSE.

Zomato bought Blinkit (formerly Grofers) for Rs 4,447 crore in an all-stock deal, which 97% of shareholders who voted approved on June 26.

Zomato’s shares were valued at Rs 70.76 in the first EY report dated June 24.