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Sunday, October 2, 2022

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Zomato Gains After Discontinuing ‘Pro’, ‘Pro Plus’ Programmes

Shares of Zomato Ltd. rose nearly 2% and on course to gain for a second day in a row.

The advance comes after the food delivery firm discontinued its ‘Pro’ and ‘Pro Plus’ programmes for its users, two years after introducing the plans.

In a tweet, Zomato said that its Pro Plus service is unavailable for renewal and that the company is working on a new experience.

Zomato Pro members got additional benefits over normal users and gained access to exclusive delivery offers. Most of the orders for Pro members were delivered faster than the normal orders, on an average.

The stock has underperformed the benchmarks so far this year, losing 55% compared to 1.6% for Sensex. Of the 23 analysts tracking the company, 19 maintain ‘buy’, two suggest ‘hold’ and two recommend ‘sell’. The return potential of the stock is 31.3%.

Source: Bloomberg, Zomato Twitter

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