Eternal share price in focus: Will Friday bring a rebound or more selling pressure?
Investors sold off shares of Eternal, the parent company of Zomato, during the last hour of Thursday’s trade, October 16, following the release of the company’s financial performance for the September quarter, resulting in a 2% drop in value to ₹347 apiece. At one point, the shares had fallen 8% but recovered by the closing bell.
Despite strong topline performance, a sharp drop in net profit, weighed down by rising costs, along with a muted growth outlook from management, prompted investors to turn cautious, leading to sharp volatility in the stock.
Eternal Q2 performance
The company’s food delivery business, which had been growing slowly in recent quarters, improved marginally in the September quarter. However, this growth fell short…
