Revision of ONDC discounts lifts Zomato stock 5% at Rs 71.15 apiece

Zomato’s share price surged almost 8 per cent in early trade on the BSE on Friday following the revision of discounts at the Open Network for Digital Commerce (ONDC). The food tech company’s shares finally settled at Rs 71.15 apiece, up 4.71 per cent, on Friday.

ONDC has revised its incentive scheme for participants in a bid to reduce dependency on discounts for adoption. The new scheme caps the maximum discount at Rs 100 per order, compared to the earlier cap of Rs 125, thus limiting the threat of it potentially ending the duopoly of Zomato and Swiggy.