Zomato shares may see limited upside in the near-term amid news-flow around government-backed ONDC expanding its footprint in the delivery market, believe analysts.
Zomato shares have dropped 4 per cent in three days on the BSE. By comparison, the benchmark S&P BSE Sensex has added 0.2 per cent.
"Food delivery orders are being placed increasingly through ONDC. So, it could emerge as a strong competitor to Swiggy and Zomato. That said, it may be too early to predict anything, and thus, the stock may remain subdued," said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
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