Pravesh Gour, Senior Technical Analyst at Swastika Investmart, stated that due to rising competition in the rapid commerce market, the brokerage has reduced its target price for the major meal delivery service by 18%, from ₹335 to ₹275. He explained that the primary concern stems from increased competition from players like Amazon, Zepto, and Swiggy's Instamart, which could create challenges for Zomato's rapid commerce division, Blinkit, and impact its profitability.
Zomato shares drop 10% in a week. Is the worst over? - The Economic Times
