Brokerage firm Macquarie has projected that Zomato's shares may fall 46% in the next 12 months due to rising competition in the quick commerce space. It maintained its 'underperform' rating on Zomato, which it has had on the startup since May last year, with a price target of ₹96. Macquarie also continues to see downside to margins for Zomato's Blinkit.