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<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>'s shares were trading at ₹83.70 on Tuesday morning.</li><li>It currently sits on a market cap of ₹66,084 crore ($8.7 billion).</li><li>Zomato’s shares have fallen over 33% since its listing in July 2021.</li></ul>The share price of Zomato dipped nearly 3% on Tuesday morning, a day after the Competition Commission of India (CCI) decided to probe the company and its rival Swiggy over unfair pricing strategies. At 9:48 a.m., Zomato's shares were trading at ₹83.7, which is 2.9% lower than the previous day's close at ₹86.2. The food delivery firm currently sits on a market cap of ₹66,084 crore ($8.7 billion). This is nearly half of the ₹100,000 crore, or $13 billion, market cap the company reached within a few hours of its debut in the stock market. Zomato’s shares have fallen over 33% since its listing in July 2021. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> India’s anti-monopoly watchdog on Monday ordered a probe into food delivery businesses Zomato and Siggy over alleged unfair pricing practices and several other issues flagged by the restaurant association last year. The National Restaurants Association of India (NRAI) accused Zomato and Swiggy of indulging in deep discounting, data masking, imposing price parity terms on restaurants that worked with them and imposing high commission. The association, which represents over 500,000 restaurants, alleged that these practices were actually eating into these businesses. Now the CCI has asked its director-general to submit a report on this matter in the next 60 days. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the director general (DG), to determine whether … (they have) resulted in contravention of the provisions of Section 3(1) of the Act read with Section 3(4) thereof,” the anti-monopoly watchdog said in its order dated April 4. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/zomato-tcs-indusind-bank-among-top-stocks-to-watch-out-for-on-april-5/slidelist/90654292.cms" style="">Zomato, TCS, IndusInd Bank among top stocks to watch out for on April 5</a> <a href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-ruchi-soya-fpo-allotment/articleshow/90650772.cms" style="">Ruchi Soya FPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-suggest-buying-hdfc-bank-shares-on-every-dip-as-merger-to-strengthen-housing-loan-portfolio/articleshow/90640153.cms" style="">Analysts suggest buying HDFC Bank shares on every dip as merger to strengthen housing loan portfolio</a>

Zomato stock dips nearly 3% after CCI’s probe order

<ul><li>A single-judge bench had also dismissed the petition on June 11.</li><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> have been accused of carrying out business malpractices. </li><li>CCI says that if there is nothing to hide, then Amazon and Flipkart should not pitch to stop the probe.</li></ul>Karnataka High Court, on Friday, July 23, dismissed a plea filed by Amazon and Flipkart against the probe initiated by the Competition Commission of India (CCI) for alleged competition law violation. The order was passed by a division bench, comprising Justices Satish Chandra Sharma and Natraj Rangaswamy. The bench noted, “By no stretch of imagination can inquiry be quashed at this stage… Appellants should not be afraid of investigation of CCI… In the considered opinion of the Court, appeals filed by appellants are devoid of merit and deserved to be dismissed…” The development was first <a href="https://www.barandbench.com/news/litigation/cci-probe-smartphone-sales-karnataka-high-court-junks-appeals-amazon-flipkart">reported</a> by Indian legal news portal Bar &amp; Bench. Amazon had approached the Karnataka High Court against a CCI order that called for Director General (DG) investigation. Amazon had been accused of carrying out an anti-competitive conduct in the online sale of smartphones on its platform. Delhi Vyapar Mahasangh (<keyword id="9864994" type="UNKNOWN" weightage="20" keywordseo="dvm">DVM</keyword>), which had made these allegations, also accused Amazon of other business malpractices like predatory pricing, deep discounting, preferential seller listing, and exclusive partnerships. Flipkart too was named in these allegations. Both Amazon and Flipkart had filed a petition to scrap the CCI investigation. A single-judge bench of Justice PS Dinesh Kumar had also dismissed the petition on June 11. The division bend had upheld that decision. Additional Solicitor General (ASG) Madhavi Divan, appearing for CCI, also submitted a report highlighting a search bias on the respective platforms. Divan elaborated that Amazon and Flipkart were pushing certain sellers, and not giving equal visibility to all sellers. Amazon, on the other hand, claimed that its algorithm is dictated by consumers and preferential listing is based upon the reflection of the consumers. "If there is nothing to hide, then there is no reason to scuttle the investigation", submitted Divan. SEE ALSO <a href="https://www.businessinsider.in/business/news/uber-made-a-billion-dollar-from-zomatos-listing-without-spending-a-single-penny/articleshow/84672970.cms">Uber made a billion dollar from Zomato’s listing, without spending a single penny</a> <a href="https://www.businessinsider.in/business/news/deepinder-goyals-stake-in-zomato-is-now-worth-more-than-700-million/articleshow/84676854.cms" data-type="tilCustomLink">Deepinder Goyal’s stake in Zomato is now worth more than $700 million</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-are-best-food-delivery-apps-in-the-world-says-zomatos-ceo/articleshow/84668175.cms">Zomato and Swiggy are best food delivery apps in the world, says Zomato’s CEO</a>

Karnataka High Court dismisses Amazon, Flipkart plea against CCI probe

<ul><li>Indian <keyword id="7389506" type="UNKNOWN" weightage="20" keywordseo="online-food-delivery-platforms">online food delivery platforms</keyword> have reportedly been contributing 15%-20% annually towards the growth of food court businesses in malls of India. </li><li>Previously, the restaurant association asked food aggregators — including Zomato and Swiggy — if they are making consumers ‘discount addicts’ disguised as customers ‘saving’ through online orders.</li></ul>It appears the relationship between Indian restaurants and the country’s online food aggregators such as Swiggy and Zomato can range from sour to sweet – depending on where you choose to dine. Several prominent malls in India have witnessed an increase in business and profits due to online delivery platforms including Swiggy and Zomato, ET reported, citing mall owners. <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/ecomm-wary-malls-find-online-food-aggregators-presence-palatable/articleshow/68248629.cms?utm_source=Colombia&amp;utm_medium=C1&amp;utm_campaign=CTN_ET_hp&amp;utm_content=21">According to </a>New Delhi’s Select Citywalk Mall, business at food establishments at the mall’s food court has been growing at 15%-20% annually. The food court reportedly makes 300,000 deliveries a month via online food platforms. On the other hand, India’s restaurants lobby recently accused the online food delivery majors of ‘eating into their business.’ Last month, small restaurants filed a <a href="https://www.businessinsider.in/swiggy-and-zomato-are-being-targeted-for-misusing-dominant-position-in-a-petition-filed-with-indias-competition-watchdog/articleshow/67376953.cms">complaint</a> with the country’s anti-trust regulator, the Competition Commission of India (CCI) against deep discounting practices adopted by Zomato and Swiggy, accusing aggregators of getting consumers addicted to discounts. According to a Bloomberg <a href="https://www.bloombergquint.com/technology/indias-food-delivery-apps-navigate-discounts-losses-in-race-for-customers#gs.mmwIqqqI">report</a>, Zomato, Swiggy and Foodpanda invests nearly half a billion dollars in last two years on discounts. For example, Zomato has been running a 50% discount deal with many of its partners over the past four months. And Swiggy, which raised $1 billion, and entered the unicorn club, is also targeting deals in competition with Zomato. One fast food chain owner told Business Insider India it had listed on online food aggregator platforms for the sake of deliveries, and not discounts. He added that the restaurant “doesn’t believe in discounts.” According to him, the discount strategy doesn’t necessarily impact customer loyalty, as people are likely to end up at their preferred restaurants. While an official from the restaurant association stated that even though online food aggregators have brought restaurants closer to customers, it is important to note that no one sells at a loss just to attract customers and create dominance. On the flip side, online food aggregators contend that their approach is just designed to increase customer reach. “Discounts are merely a mechanism to encourage user participation as we advance our services. Our discounts and promotional schemes are carefully designed keeping in mind the best interest of all the parties in the ecosystem,” a Zomato spokesperson told Business Insider. Deepak Zutshi, vice president for leasing at Select Citywalk <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/ecomm-wary-malls-find-online-food-aggregators-presence-palatable/articleshow/68248629.cms?utm_source=Colombia&amp;utm_medium=C1&amp;utm_campaign=CTN_ET_hp&amp;utm_content=21">told</a> ET that there is no such conflict between malls and food aggregators Swiggy and Zomato here, the focus is on on-time delivery without compromising on customer experience. Stiff competition There’s no denying that food tech players in India have been in heated competition, battling on several fronts such as pricing and quality. According to the<a href="https://www.livemint.com/Companies/WJSpXMp64Q0QLcKLw5tCoK/Swiggy-is-on-top-of-the-online-food-chain-shows-survey.html"> latest survey </a>by Redseer Consulting, Swiggy has been the most trusted brand among Indians, leaving behind Foodpanda, UberEats and even Zomato. Defending its discount strategy, Zomato has argued that it is only “working towards achieving a balance of user experience, restaurant growth and operational efficiency." Regardless of who ranks up in the battle, one thing is certain: At least in the foreseeable future, the diners win. See also: <a href="https://www.businessinsider.in/swiggy-and-zomato-are-being-targeted-for-misusing-dominant-position-in-a-petition-filed-with-indias-competition-watchdog/articleshow/67376953.cms">Swiggy and Zomato are being targeted for ‘misusing dominant position’ in a petition filed with India’s competition watchdog</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a>

In India, restaurants have a love-hate relationship with online food delivery platforms

India's key equity indices -- <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> -- declined marginally in early trade on Tuesday due to profit booking. This comes after a sharp rise in indices on Monday led by the announcement of the merger of <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> twins. At 9.51 a.m., Sensex was 0.3 per cent or 208 points down at 60,404 points, whereas Nifty 0.3 per cent or 52 points down at 18,001 points. Among the stocks, HDFC, HDFC Bank, <keyword id="111876" type="General" weightage="80" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>, Kotak Mahindra Bank, and <keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> were the top five loser among the Nifty 50 companies, while Tata Motors, Adani Ports, UPL, Eicher Motors, and Tech Mahindra the top five gainers, NSE data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-shares-dip-after-ccis-probe-order/articleshow/90656032.cms">Zomato stock dips nearly 3% after CCI’s probe order</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hiked-for-the-13th-time-in-15-days/articleshow/90655551.cms">Petrol and diesel prices hiked for the 13th time in 15 days</a>

Sensex and Nifty decline marginally in early trade; HDFC, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank, and Bajaj Finserv top five losers among Nifty 50 stocks

<ul><li>Shares of the <keyword id="13547227" type="General" weightage="20" keywordseo="sbi-credit-card-company" source="Orion">SBI credit card company</keyword> slipped nearly 5% after a series of block deals took place.</li><li>As per reports, private equity firm Carlyle Group was to sell its entire stake in the company for ₹2,558 crore via block trade.</li><li>In the last one year, <keyword id="116253" type="General" weightage="20" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword> have not performed well and fell 10%.</li></ul>Shares of SBI Cards and Payment Services, which is a credit card company of SBI, slipped nearly 5% on Tuesday as someone sold a large number of shares. The stock fell steeply after a series of block deals were reportedly recorded with nearly 29.4 million shares of the company changing hands in two bunched trades. In a block deal, the names of the buyers and sellers are not ascertained immediately. A block deal is defined as a single trade in which shares greater than 5 crore in number or more than ₹10 crores in value are traded. As per media reports, private equity firm Carlyle Group was to sell its entire stake in the company for ₹2,558 crore via block trade. As of December 2021, the firm had held 29.20 million shares or 3.09% stake in SBI Cards. In 2017, the private equity firm had bought a 26% stake in the card company from GE Capital Corp at ₹2,000 crore. So far in 2022 or even in the last one year, SBI Cards have not performed well and fell nearly 9% and 10% during the period respectively. <div type="image" title="sbi cards" height="900" width="1200" msid="90657761" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-shares-dip-after-ccis-probe-order/articleshow/90656032.cms">Zomato stock dips nearly 3% after CCI’s probe order</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter</a>

SBI Cards’ stock falls steeply after 2.7 crore shares of the company were sold in a block deal

<ul><li><keyword id="5573003" type="PERSON" weightage="20" keywordseo="Shein">Shein</keyword> will re-launch in India on <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> during its annual Prime Day sale.</li><li>Amazon Prime Date dedicated page marks the return of Shein on the e-commerce platform.</li><li>Before Shein, PUBG marked its re-entry into the Indian market by relaunching in a new avatar.</li></ul>China-headquartered e-commerce platform Shein, which was banned by the Indian government in June last year along with other Chinese apps, is making a re-entry into the Indian market soon. Shein will re-launch in India on Amazon during its annual Prime Day sale, which is scheduled to start on the midnight of July 26 and continue until July 27. Amazon Prime Date dedicated page marks the return of Shein on the e-commerce platform. However, it is important to note that it will only be launched as a seller on Amazon and not as a separate e-commerce platform like before. Shein’s own e-commerce website still reads the message from last year, after the government decided to ban it. “Dear customers, to make timely adjustments, we decided to temporarily pause new orders from India starting from 11th of July, until we can reach a new agreement with the government and the ban order is lifted.” The government of India had banned about 250 Chinese apps between June to September last year, due to the geo-political tension with the neighbouring country. These include TikTok, Likee, CamScanner and others. Even South Korea’s popular game PUBG came under the radar for its ties with China-based Tencent games. Before Shein, PUBG marked its re-entry into the Indian market by relaunching in a new avatar ‘BattleGrounds Mobile India’. The Krafton-owned game has crossed 34 million players within one week of its launch on July 2, 2021. It has over 16 million active users and garnered 2.4 million peak concurrent players. On Tuesday, July 13, BattleGrounds Mobile India also <a href="https://www.firstpost.com/tech/gaming/battlegrounds-mobile-india-announces-tesla-partnership-mission-ignition-mode-new-weapons-and-more-9801881.html">announced </a>partnership with electric vehicles manufacturer Tesla, who will open Gigafactory in four fixed locations in the games’ virtual map. Gamers will be able to enter these Gigafactory and see the production of the Tesla Model Y. TikTok, on the other hand, has been trying to re-enter the Indian market since last year, but has not been able to make any successful strides there. The company had to aggressively <a href="https://www.businessinsider.in/tech/news/bytedance-is-cutting-down-its-2000-person-team-in-india-where-tiktok-is-still-banned/articleshow/80482399.cms">downsize its workforce</a> earlier in January, after all of its attempts to relaunch in India failed. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-ipo-should-you-subscribe-this-ipo-check-out-analysts-view/articleshow/84369234.cms" data-type="tilCustomLink">Zomato IPO opens tomorrow — and even analysts are confused</a> <a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms">SoftBank-Swiggy deal gets CCI approval, two days before Zomato IPO</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms">Payments firm MobiKwik files for ₹1,900 crore IPO, reportedly to seek $1 billion valuation</a>

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Zomato stock dips nearly 3% after CCI’s probe order

Kritti Bhalla

Karnataka High Court dismisses Amazon, Flipkart plea against CCI probe

Kritti Bhalla

In India, restaurants have a love-hate relationship with online food delivery platforms

BI India Bureau

Sensex and Nifty decline marginally in early trade; HDFC, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank, and Bajaj Finserv top five losers among Nifty 50 stocks

IANS

SBI Cards’ stock falls steeply after 2.7 crore shares of the company were sold in a block deal

Bhakti Makwana

Chinese e-commerce app Shein will re-enter the Indian market with Amazon, but as a seller this time

Kritti Bhalla

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