Zomato shares unexpectedly in the red after Sensex entry

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At 9:45 am IST, Zomato shares dropped by 2.09% or by ₹5.90, trading at ₹275.95 on the BSE.

This comes after brokerages had expected the company to receive huge inflows worth $513 million or ₹4,362.35 crore because of the Sensex inclusion.

Zomato got included on the Sensex on Monday, December 23, 2024, replacing JSW Steel Ltd.

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Brokerage firm Nuvama had expected JSW Steel to lose an estimated $252 million ( ₹2,142.91 crore) in market capitalisation as a result.

How did JSW Steel shares perform?

However, JSW Steel shares saw a 1.58% or ₹14.55 uptick at the same time, trading at ₹933 on the BSE.

Zomato’s inclusion comes at a time when the food delivery giant’s shares rallied nearly 43% over the last six months and about 126% over the last year.

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It also reported a 69% year-on-year increase in consolidated revenue from operations to ₹4,799 crore during the second quarter of the financial year 2024-25, with its net profit rising five times to ₹176 crore.

Zomato’s market cap of ₹2.72 lakh crore also surpassed JSW Steel’s ₹2.24 lakh crore.