Zomato stock hits a fresh high after MSCI index inclusion

Shares of food delivery company Zomato surged 9 per cent on Friday to close at a new lifetime high of Rs 153 apiece. The gain was underpinned by the stock’s inclusion in the MSCI Standard Index and strong top-line performance in the September quarter.

The start-up, which made its stock market debut in July, is currently trading 102 per cent higher than its issue price of Rs 76. Zomato is currently valued at Rs 1.21 trillion.

Global index provider MSCI has added Zomato to its Standard Index, which is expected to bring in $160 million (nearly Rs 1,200 crore) of passive investment into the stock by the end of this month. The changes to the MSCI indices will be implemented on November 30.