Zomato shares plummet 6% as shareholders greenlight renaming parent company to Eternal

On Sunday, March 9, Zomato, said that shareholders greenlit a special resolution for changing its name by vote through postal ballot. The remote voting happened online between February 8 and March 9, with 99.75% of people voting for the motion.

The food-tech giant clarified in the regulatory filing that the name change to Eternal Ltd would only extend to the company and not apply to the app and brand.

Consequent to the majority votes, Zomato will be able to amend the Memorandum of Association (MoA) and Articles of Association (AoA), two of its core legal documents, which will facilitate the name change.

Zomato share performance

The stock was trading at ₹205.79, down 2.60% on the NSE at around 2:20 pm.

Zomato shares have tumbled 2.37% since last week and 7.57% since March beginning. The scrip lost 26.16 on a year-to-date basis.

The company hit its 52-week high of ₹304.70 on December 9, 2024, and low of ₹144.3 almost a year-ago on March 14, 2024.

Soon to be called Eternal Ltd has a total market capitalisation of ₹1.98 lakh crore as of March 11, 2025, on the NSE.

December quarter performance

In the December quarter, Zomato’s consolidated net profit plunged 57.2% to ₹59 crore, compared to ₹138 crore in the year-ago period.

Its revenue from operations stood at 5,405 crore in Q3FY25, jumping 64.38% from ₹3,288 crore in Q3FY24.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was at ₹162 crore in the period under review versus ₹51 crore in Q3 FY24. The EBITDA margin stood at 3% as against 1.6% last year.