Zomato CEO Deepinder Goyal

Execution is the only thing under our control, says Deepinder Goyal, founder and chief executive of online delivery firm Zomato on a day when the company's stock has tumbled even as rival Swiggy raised a massive funding round.

"I have been waiting for a bear market for a long time now. That is when funding dries up for everyone and companies with the most solid team and execution rise to top," Deepinder Goyal, founder and CEO of Zomato told employees seeking to reassure them after  Zomato's stock got roiled on Indian exchanges, plunging its market cap to $9.78 billion.

"Let's continue executing, creating value, cutting costs and like always not look at the stock price," he added.

The selling in shares of Zomato along with other internet companies like Paytm, and PolicyBazaar has been triggered by the surge in global and domestic bond yields that has made their valuations richer than what their fundamentals dictate.