Why Shares of Deepinder Goyal’s Eternal Dropped More Than 3% in Just Two Days

The shares of Eternal Ltd. (formerly Zomato), led by Deepinder Goyal, have faced significant turbulence this week, sliding over 3 per cent in just two trading sessions. The stock hit a five-month low of Rs 275.30 per share on the BSE, marking a sharp correction of over 25 per cent from its October peak of Rs 368.40 per share. While year-end market caution played a minor role, the primary driver for this slump was a sudden leadership shake-up within the company’s most vital growth engine.

The most immediate cause for investor anxiety was the resignation of Vipin Kapooria, the Chief Financial Officer of Blinkit, on December 29, 2025. Kapooria’s departure is particularly stinging because he had served in the role for only a year. His exit leaves a notable leadership vacuum at a time when Blinkit is increasingly viewed as the "crown jewel" of the Eternal group. Reports suggesting that Kapooria is returning to Flipkart to help helm their 2026 IPO have only heightened fears regarding executive stability and talent retention.

Beyond internal changes, the broader quick-commerce landscape is shifting into a high-intensity "war" phase. The recent IPO filing by rival Zepto has signalled a landmark moment for the industry, meaning the top three players will soon all be competing in the public markets. This move puts immense pressure on Blinkit to defend its market-leading position while proving to shareholders that it can maintain growth without sacrificing its path toward consistent profitability.

The competitive pressure is further compounded by the aggressive entry of deep-pocketed conglomerates. With Flipkart Minutes, Tata’s BigBasket and Amazon Now all scaling up their 10-minute delivery services, investors fear a looming price war. Such competition often leads to increased cash burn and higher customer acquisition costs, which could delay Eternal's overall margin expansion goals in the coming quarters.

The implementation of new Social Security Codes, adding a cost of Rs 2 to Rs 2.5 per order, has strained the thin margins of platforms, just as they face intense operational pressure during the record-breaking demand of December 25 and 31. Despite high-peak incentives, many delivery partners are choosing to stay offline for nationwide strikes to protest against the lack of benefits and the gruelling 10-minute delivery model, forcing a difficult choice between much-needed holiday earnings and the risk of algorithmic penalties. These ongoing labour disruptions and regulatory shifts have raised significant red flags for institutional investors regarding the long-term sustainability and scalability of the ultra-fast delivery business model.

Despite this two-day slide, the long-term narrative for Deepinder Goyal’s empire remains a subject of intense debate. While the stock currently trades near Rs 275, many market veterans believe this correction is a necessary cooling period after the massive rallies seen earlier in the year. Whether Eternal can bounce back will depend largely on how quickly they fill the CFO vacancy and how effectively they navigate the upcoming "quick-commerce IPO era."

Disclaimer: The article is for informational purposes only and not investment advice.