'Internal reshuffling': Eternal (Zomato) clarifies on food delivery CEO change

Eternal Ltd (formerly known as Zomato) on Thursday issued a clarification over a news report titled "Zomato food delivery CEO Rakesh Ranjan steps down; Deepinder Goyal to take charge", stating Ranjan has not resigned from the company and still continues to be part of the leadership team.

"At Eternal Group, internal reshuffling of the leadership team is considered a standard practice as part of the company's ongoing efforts to optimise organisational effectiveness," the online food and delivery services platform said in a BSE filing.

Eternal founder and group CEO, Deepinder Goyal, will for now take over the leadership of the food delivery division. Ranjan was appointed as CEO in June 2023 and has been associated with the Gurugram-based company for around eight years.

Last week, the company announced the exit of its chief operating officer (COO), Rinshul Chandra.

Shares of Eternal were last seen trading 0.31 per cent higher at Rs 239.95. At this price, the stock has climbed 7.75 per cent in a month.

Technically, the scrip traded higher than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but lower than the 100-day, 150-day and 200-day SMAs. Its 14-day relative strength index (RSI) came at 67.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a price-to-earnings (P/E) ratio of 129.59 against a price-to-book (P/B) value of 9.59. Earnings per share (EPS) stood at 1.85 with a return on equity (RoE) of 7.38. According to Trendlyne data, Eternal has a one-year beta of 0.9, indicating low volatility.