Zomato shares may fall over 40% to ₹130: Macquarie Capital

Brokerage Macquarie Capital maintained its 'underperform' rating for Zomato shares at a target price of ₹130, implying an over 40% drop from the current levels. The market capitalisation of Zomato eroded by ₹35,175.53 crore in the last two days as its shares fell around 14%. This comes after Zomato's profit more than halved to ₹59 crore in Q3.