Shares of Zomato fell as much as 8.2% on Tuesday, extending losses for a second straight day as investors questioned the rationale of the company’s deal to buy local grocery delivery startup Blinkit. The Ant Group-backed food delivery firm said on Friday it would acquire Blinkit for Rs 4,447 crore ($568.16 million) in stock, as it tries to gain a foothold in the fiercely competitive quick delivery market.
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