Shares of food delivery platform Zomato fell sharply on Tuesday. Shares of the company fell 5.36 per cent at the start of the day. Shares of the company fell 6.72 per cent to Rs 65.20 during the session. Shares of the company have plummeted following news of Zomato's acquisition of Blinkit. According to media reports, Zomato's board of directors is expected to meet on June 17. The meeting is expected to take a final decision on the acquisition of Quick Commerce Company Blinkit on the same day. The deal could be signed on that day. Under the deal, Blinkit could be valued at 700 million dollars .
The transaction involves a fixed number of shares of Zomato, which will be a part of the share swap agreement to Blinkit's investors. Under the deal, Zomato will receive 10 shares of Blinkit in exchange for one share. According to sources, investors in Blinkint are also expecting a six-month lock-in period. Zomato has already invested in Blinkit. Zomato owns about 10 percent of Blinkit.