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Zomato's stock fell 2.5% after Macquarie expressed concerns about potential downside risks, suggesting the stock could lose around 50% of its value. Despite raising its price target by 30% to Rs 130, the firm maintained an 'underperform' rating, highlighting challenges in growth and competition.
The ASX 200 is down 24 points (-0.55%) at 8140 as markets await the US election and the RBA's decision to maintain interest rates at 4.35% for the eighth consecutive meeting. Despite a decrease in headline inflation, underlying inflation remains high, prompting the RBA to defer rate cuts until targets are met.In the banking sector, major banks fell following a downgrade of Westpac, while the mining sector saw gains amid hopes for fiscal stimulus from China's NPC meeting. The ASX 200 is currently positioned between key support at 8110-8100 and resistance around 8350-8360, indicating potential for significant movement.
Macquarie
People
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Zomato shares fall as Macquarie warns of significant downside risks
05:41 13.11.2024
asx 200 declines as rba holds rates steady amid inflation concerns
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