The Zomato scrip tanked 4.24 per cent to close at Rs 64.30 on Monday on the BSE amid a string of high-level exits from the food delivery and quick commerce firm.
The company on Friday informed stock exchanges that co-founder Mohit Gupta has tendered his resignation after four-and-half years with the firm. His exit was the third high-profile departure of the month following the resignation of Rahul Ganjoo, head of new initiatives, and Siddharth Jhawar, vice-president, of global growth.
In August, Nitin Savara, deputy chief financial officer, had tendered his resignation.
The company is also reportedly trimming its workforce by around 3 per cent and has also recently announced the discontinuation of its food delivery business in the UAE, following the sale to Talabat in 2019.
Zomato has not disclosed any replacement for Gupta, who was leading the food delivery business, but market analysts anticipate founder and CEO, Deepinder Goyal is expected to play a more active role in leading the company.