** Shares of Zomato ZOMT.NS climb about 4% to 257.70 rupees
** Investigation by India's antitrust body showed ZOMT and rival Swiggy breached competition laws by entering "exclusivity contracts" with some restaurants, Reuters reported on Friday; stock fell 3%
** JP Morgan analysts say outcome of case appears uncertain and is likely to be challenged in courts by ZOMT and peers; reiterated "overweight" rating on ZOMT with PT unchanged at 340 rupees
** Says in worst case, a potential punitive action could be similar to when CCI imposed a $27 mln fine against online travel aggregator MakeMyTrip MMYT.O in 2022, rather than changes to terms of trade
** While regulatory backlash remains key headwinds to brokerage's "overweight" stance, it is primarily in its quick commerce business and not food delivery - JPM
** ZOMT more than doubles YTD, set for second straight annual gain
(Reporting by Kashish Tandon in Bengaluru)
((Kashish.tandon@thomsonreuters.com))
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