Eternal, the parent company of Zomato, witnessed a significant block deal on Tuesday, with 60.93 lakh shares changing hands at Rs 255.68 per share, amounting to a transaction value of nearly Rs 156 crore. The deal was executed in Session 1 at the block deal window, as per exchange data. As per now, the details of buyer and seller are not known.
This development comes a day after Eternal shares fell over 1%, closing near Rs 254, as concerns mounted over a potential new competitor in the food delivery space. Reports suggest that Rapido, the ride-hailing platform, is gearing up to enter the food delivery market in Bengaluru, offering much lower commission rates compared to Swiggy and Zomato.
According to multiple reports, Rapido has started onboarding restaurants and is offering a flat Rs 25 commission on orders below Rs 400 and Rs 50 for orders above Rs 400, translating to rates between 8–15%. In contrast, Zomato and Swiggy reportedly charge 15–30% commission, making Rapido’s offering significantly more attractive to restaurant partners.
The move has triggered investor caution around profitability and market share risks for established players like Eternal and Swiggy. Both stocks declined in Monday’s session—Swiggy dropped over 2%, while Eternal lost 1%, reflecting the perceived threat from the low-cost model Rapido is piloting.
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