Zomato shares surge 13% on narrower quarterly loss

Shares of Zomato Ltd jumped 13% on Friday, a day after the meals supply firm reported a narrower loss for the second quarter on account of an increase in volumes and worth of on-line orders.

The firm’s shares rose as a lot as 13% to 72.25 rupees in early buying and selling, to hit their highest since June 27.

Zomato’s consolidated internet loss narrowed to 2.51 billion Indian rupees ($30.73 million) within the July-September quarter, from 4.30 billion rupees a 12 months earlier.

Excluding figures for its lately acquired quick-commerce enterprise Blinkit, Zomato’s loss was 600 million rupees.

It’s gross order worth, the overall worth of all meals supply orders positioned on-line on Zomato’s platform, jumped almost 23%.