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Shares of Zomato parent Eternal and its duopolistic rival Swiggy dropped as much as 2.5% and 4% on Monday as Rapido undercut them in commissions levied from restaurants. The unlisted ride-hailing platform is looking to foray in the food delivery space.
Eternal shares closed 1.86% lower on BSE at Rs 256.99 per share, after hitting an intraday low of Rs 255.35. Prosus-backed Swiggy ended the day’s trade 2.79% lower at Rs 364 a share, falling to Rs 360.10 apiece earlier in the day. The benchmark Sensex closed 0.31% higher at 82,445.21.
The drop in…
