Food delivery platform Zomato made history on Monday as the first new-age tech company to enter the BSE Sensex, replacing JSW Steel in India’s benchmark 30-share index. Despite this milestone, the company’s shares experienced an unexpected decline on its inclusion day.
The shares of Zomato Limited were trading at ₹278.10 down by ₹3.75 or 1.33 per cent on the BSE. On the other hand, the shares of JSW Steel Limited were trading at ₹945.00 up by ₹26.55 or 2.89 per cent today at 12.20 pm.
The inclusion comes after Zomato’s stellar market performance, with its stock surging 126 per cent over the past year and 43 per cent in the last six months, significantly outperforming the Sensex’s 10.7 per cent annual return. The company’s market capitalisation stands at ₹2.72 lakh crore, exceeding JSW Steel’s ₹2.24 lakh crore.
Zomato’s recent financial performance has been robust, with its July-September quarter showing a 69 per cent year-on-year increase in consolidated revenue to ₹4,799 crore and a five-fold jump in net profit to ₹176 crore. The company’s Zomato Gold subscription program relaunch has contributed significantly to this growth.
The broader index rebalancing also affects the BSE 100, which will add six new stocks including Jio Financial Services and PB Fintech, while removing established names like Ashok Leyland and IRCTC. Zomato now ranks above traditional market leaders such as Tata Motors and Asian Paints in market capitalisation.
