Eternal Limited Denies False Reports on CEO Rakesh Ranjan

Eternal Limited, previously known as Zomato, has dismissed the rumors regarding the resignation of CEO Rakesh Ranjan, stating that these reports are untrue. The company firmly asserted this position in a statement released on Thursday.

In the official announcement, Eternal Limited confirmed that Mr. Ranjan has not resigned and continues to be a vital member of the leadership team. However, there was no clear information provided regarding his ongoing role as the CEO of the food delivery sector.

While the statement did not elaborate on any potential restructuring involving Mr. Ranjan or other senior leaders, the company highlighted that such internal reshuffles are common practices aimed at improving operational efficiency and do not signify the exit of crucial personnel.

According to the statement from Eternal, it seems the company might be gearing up for a significant leadership transformation at the top level. “This is part of our continuous efforts to enhance our effectiveness within the organization,” the company remarked, indicating that these internal shifts are not deemed significant and usually do not require public announcement unless mandated by regulators.

Even though the company recognized the media coverage, it clarified that the disclosures made today were voluntary and not considered material information. Eternal Limited reaffirmed its dedication to open communication, containing any major updates that would be shared with the stock markets as per relevant regulations.

Recently, Eternal revealed the resignation of Rinshul Chandra, the Chief Operating Officer of its Food Ordering and Delivery segment. Earlier this month, the Gurugram-based enterprise also released approximately 600 customer support associates shortly after hiring them.

Eternal has recently undergone a rebranding from Zomato, and now includes four principal businesses: Zomato, Blinkit, District, and Hyperpure. Currently, shares of Eternal are valued at Rs 240 each (as of 13:24 PM), with an overall market capitalisation of Rs 2,31,606 crore (roughly $27 billion).