Shares of Indian food delivery firm Zomato ended session on Tuesday at a decline of 6%, hours after it became known that Invesco had cut the valuation of its rival Swiggy.
Shares of Zomato ended Tuesday’s trading session at 60.94 Indian rupees (or 74 U.S. cents ), a 6% decline over the day’s opening at 64.80 Indian rupees. The share drop wiped over $400 million in Zomato’s market cap.
TechCrunch first reported on Monday, after local trading hours, that the U.S. asset manager Invesco had slashed the valuation of Swiggy, the chief rival of Zomato, by 48.6% in a year to $5.5 billion. Invesco led a $700 million funding round in Swiggy in January last year, valuing the Bengaluru-headquartered startup at $10.7 billion.