Zomato’s shares just can’t seem to catch a break this week. After tumbling 18% over three straight sessions, the stock slid another 5% this morning to ₹203.80. The sell-off kicked into high gear after the company’s Q3 results dropped on January 20, revealing a 57% slump in net profit to ₹59 crore. Compare that to ₹138 crore a year ago, and the picture doesn’t get any prettier. Sequentially, it’s even worse—profits were down from ₹176 crore in Q2FY25. Sure, revenue is climbing—up 64% year-on-year to ₹5,405 crore—but here’s the rub: Blinkit, Zomato’s quick-commerce wing, is burning cash like there’s no tomorrow. Rapid store expansion led to an EBITDA loss of ₹30 crore for Blinkit, wiping out the gains it posted this time last year. Meanwhile, Zomato’s consolidated EBITDA climbed to ₹162 crore, but the market isn’t impressed. Experts are cautiously optimistic, though. They see Blinkit’s aggressive growth as a long-term play, even if it’s painful now. JM Financial has slapped a ₹280 target on the stock, banking on Blinkit’s potential to double its store count by December 2025. The firm argues that these investments might sting in the short term, but they’re betting big on sustained growth. Technicals paint a bleaker picture. Analysts warn of a double-top breakdown on Zomato’s daily chart, with downside targets of ₹190 and ₹180. With the stock trading below all major moving averages and an RSI at a dismal 27.77, bearish momentum seems firmly in control. For any chance of a turnaround, Zomato needs to convincingly break past ₹220 and ₹240 with strong volume. Until then, the bears are running the show.