New Delhi, July 2 -- Since the end of March, shares of Eternal Ltd, also known as Zomato, have surged nearly 30%.

This sharp rally, coupled with a buoyant broader market, has sparked fresh optimism among the bulls, perhaps the worst is behind the stock?

But is that really the case? Could Zomato now be on its way back to its all-time high of just over Rs.300 per share? And if it does reach that milestone, can it sustain the momentum, given its already astronomical valuation? The stock's price-to-earnings (PE) ratio currently stands at a staggering 480.

Does it make sense to stay bullish, or is caution the wiser course? Let's dive in.

When Zomato first listed, sceptics had clear reasons to expect a crash, and they were right. The stock ...