Shares of Zomato plunged 4.34 per cent on Monday as the company said its co-founder Mohit Gupta has resigned. Besides, reports that the company plans to lay off 3 per cent of its workforce to cut costs and turn profitable also weakened the sentiment for Zomato.
Zomato, after opening the day at ₹66.40 against the previous close of ₹67.15, closed at ₹64.30 on the NSE.
The food delivery major is laying off under three per cent of its workforce across the organisation, following three top-level exits earlier this month.
Critical exits
Apart from Gupta, Rahul Ganjoo, head of new initiatives, and Siddharth Jhawar, head of intercity legends, had left the company recently.
On lay-offs, a Zomato spokesperson said: “There has been a regular performance-based churn of under three per cent of our workforce; there’s nothing more to it.”