Zepto faces backlash over Rs 131 pricetag for coriander leaves; says issue resolved
New Delhi, Jul 10: Zepto faced social media ire after a user called out the quick commerce platform for listing coriander at an exorbitant price of Rs 131 for 100 grams.
Zepto said the system glitch had "caused significant pricing disparities" across the platform and assured that the issue has been resolved. The company said its platform is now reflecting accurate prices.
Zepto drew flak when a user from Gurugram found that 100 grams of coriander leaves were listed at Rs 131 on Zepto, and called out the brand for overpricing Dhaniya, in a post, along with a screenshot, on X.
Several netizens expressed outrage and shock, while some highlighted how the exorbitant prices on the platform sharply contrasted with roadside vegetable vendors bundling free coriander alongside veggies to woo buyers.
"Maybe it is grown on moon soil?" wondered a netizen on X.
In its response, Zepto said that the system glitch had led to the pricing disparities and that the company is committed to addressing customer concerns promptly and transparently.
"Yesterday, a system glitch caused significant pricing disparities across our platform, leading to some unusual price tags for various products, including coriander. While some items were priced three times lower, others saw a substantial hike," Zepto said, adding that the issue has been fixed.
"We are pleased to inform our customers that the issue has been resolved, and accurate prices are now back on track," Zepto said.
It, however, said that Zepto prices might not always match those of peers and that the company prioritises quality above all else.
"At Zepto, we are dedicated to delivering the finest quality while striving to offer the best prices. Quality is never compromised, and we are committed to ensuring our customers receive only the best produce," the company asserted.
Dhaniya 100 gm costs you Rs 131 on Zepto 🙏🥲 pic.twitter.com/u1La4duidU
— Harsh Upadhyay (@upadhyay_harsh1) July 8, 2024
‘Grown in moon soil’: #Gurugram man’s post on #Zepto listing 100 gram dhaniya for Rs 131 sparks chatter#viral https://t.co/4u8jQTGR7O
— Express Trending 😷 (@ietrending) July 10, 2024
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Sensex, Nifty fall for 2nd day on selling in Axis Bank, Indo-Pak border tensions
Mumbai, Apr 25 (PTI): Equity benchmark indices Sensex and Nifty declined sharply on Friday due to selling in Axis Bank and growing tensions along the Indo-Pak border following the terror attack at Pahalgam in Jammu & Kashmir.
Wiping out early gains, the 30-share BSE barometer tanked 588.90 points or 0.74 per cent to settle at 79,212.53. During the day, it dropped 1,195.62 points or 1.49 per cent to 78,605.81.
Falling for the second day, the NSE Nifty tumbled 207.35 points or 0.86 per cent to 24,039.35.
Experts said worries over growing geopolitical tensions after Tuesday's Pahalgam terror attack weighed on market sentiment.
All sectoral indices except for IT index closed in the red while midcap and smallcap indices dropped more than 2 per cent due to profit taking.
"Investor sentiment turned cautious amid escalating tensions along the Indo-Pak border. Mid and smallcap stocks bore the brunt of the sell-off, driven by their elevated valuations and growing concerns over potential earnings downgrades following a muted start to the earnings season," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Among Sensex shares, Adani Ports, Axis Bank, Eternal, Bajaj Finserv, Power Grid, Maruti, Bajaj Finance, Tata Motors, Tata Steel and NTPC were the biggest laggards.
Axis Bank declined over 3 per cent after the country's third largest private sector lender reported a sharp rise in loan loss provisions and a steep fall in the trading income for the last quarter of 2024-25. The bank's profit declined marginally in the March quarter to Rs 7,117 crore, from Rs 7,130 crore in the year-ago period.
However, Tata Consultancy Services, Infosys, Tech Mahindra, UltraTech Cement, IndusInd Bank, Hindustan Unilever and ICICI Bank were the gainers.
Despite Nifty opening at a higher level on Friday, geopolitical tensions with the neighbouring nation have led to the drop in the index, Ajay Garg, CEO, SMC Global Securities, said.
"In the last few days, Nifty has also revived to 24,000 points with FII buying, banking stocks rally, and expectations of a positive outcome from the US-India trade talks. Along with the geopolitical tensions, profit-booking by investors also added to today’s market drop," Garg added.
"The heightened geopolitical uncertainty has led investors to adopt a risk-off approach, triggering profit-booking after the recent sharp rally. Furthermore, the markets appeared slightly overstretched following the vertical rise, prompting traders to reduce exposure," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE smallcap gauge tanked 2.56 per cent and midcap dropped 2.44 per cent.
Among BSE sectoral indices, services dropped 3.11 per cent, utilities (2.96 per cent), realty (2.87 per cent), power (2.77 per cent), consumer discretionary (2.28 per cent), industrials (2.19 per cent) and capital goods (2.06 per cent).
IT and BSE Focused IT ended higher.
As many as 3,246 stocks declined while 719 advanced and 119 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225 and Hong Kong's Hang Seng settled in the positive territory. Shanghai SSE Composite ended marginally lower.
Markets in Europe were trading higher.
US markets ended significantly higher on Thursday. Nasdaq Composite jumped 2.74 per cent, S&P 500 surged 2.03 per cent and Dow Jones Industrial Average climbed 1.23 per cent.
Foreign Institutional Investors (FIIs) bought equities worth Rs 8,250.53 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude declined 0.50 per cent to USD 66.24 a barrel.
On Thursday, the 30-share BSE benchmark Sensex declined 315.06 points or 0.39 per cent to settle at 79,801.43 on Thursday. The Nifty went down by 82.25 points or 0.34 per cent to 24,246.70.
