Zomato shares fell 1.98 percent to an intraday low of Rs 257.10 on BSE, with the counter logging volume of 19.86 crore shares – 44.5 times its two-week average volume; And turnover was Rs 5,115.21 crore.
Shares of Zomato Ltd decrease nearly 1 percent in Tuesday trade amid high turnover as China’s Antfin Singapore Holdings sold 1.54 percent stake in the food delivery platform through a block deal. Zomato stock fell 1.98 percent to an intraday low of Rs 257.10 on BSE, with the counter logging volume of 19.86 crore shares – 44.5 times the two-week average volume; And turnover was Rs 5,115.21 crore.
According to reports, public investor Antfin Singapore Holdings was looking to sell shares at a floor price of Rs 251.68 per share, valuing the deal at Rs 3,420 crore or $408 million, multiple reports showed. A report by CNBC TV 18 said that big deals were made on the Zomato counter at Rs 258 per share.
Antfin Singapore Holding Pte held 37,38,55,225 shares or 4.30 percent stake in Zomato at the end of the June quarter, data available with stock exchanges showed. Antfin Singapore Holdings had sold 2.1 percent stake in Zomato in a block deal in March this year at about Rs 160 per share, valuing it at $341.50 million. It held 6.42 percent stake in Zomato at the end of the December 2023 quarter.
In November 2023, China’s Alipay exited Zomato by selling its entire 3.44 percent stake in the Indian food delivery platform. On Monday, Zomato shares reached a record high of Rs 280. Foreign brokerage UBS has maintained its ‘buy’ call on Zomato and raised the target price to Rs 320 from Rs 260 earlier. Last week, Morgan Stanley had maintained ‘overweight’ on Zomato with a target price of Rs 278.
