By Ananta Agarwal and Ashna Teresa Britto (Reuters) -Indian food delivery major Zomato's third-quarter profit more than halved on Monday, as rising competition in the quick commerce space and increased spending on opening more fulfilment centres for its Blinkit platform weighed on margins.

The shares of the food delivery platform witnessed a sharp plunge of over 7% on Tuesday as investor sentiment dampened after the Q3 results

Zomato Ltd's Q3 FY25 net profit fell more than 57 percent year-on-year to Rs 59 crore, even as the food delivery firm's revenue for the quarter expanded 64 percent from the previous year.

India's Zomato reported a smaller-than-expected third-quarter profit on Monday as its margins continue to face pressure from high spending on opening more centres to fulfil orders at its quick commerce platform,

A significant portions of Zomato's expenses came from purchases of stock-in-trade which grew to ₹1,510 crore from ₹783 crore earlier.