Eternal shares fall despite massive surge in quarterly profit
Eternal reported a 73 percent profit rise on Wednesday but saw shares fall as investors weighed quick-commerce competition and a major leadership transition.
Insights:
Eternal, the company formerly known as Zomato Limited , reported a 73 percent increase in quarterly profit on Wednesday. Despite this strong financial performance, the company saw its stock price erase early gains to finish the day down 2.6 percent. While shares had surged as much as 8 percent in premarket trading, investor concerns regarding the long-term profitability of the quick-commerce division, Blinkit, weighed on the market sentiment. As of 12:20 a.m. IST, the stock remained down 0.8 percent.
