Zomato plunges ~4% as shares worth ₹3,112 Crore change hands

6 Mar 2024 , 11:31 AM

Zomato shares plummeted 4% in early trading on March 6 after around 19 crore shares, representing a 2.1% interest in the food aggregator, changed hands in a ₹3,112 Crore block deal. The shares were purchased at an average price of ₹160 per, representing a 3.5% reduction from the previous closing.

At around 10.19 AM, Zomato was trading 4.22% lower at ₹158.85, against the previous close of ₹165.85 on NSE.

According to the source, the block deal’s floor price was likely ₹159.4 per share, with a total transaction value of around ₹2,800 Crore.

Antfin Singapore Holdings Pte owned a 6.42% stake in Zomato, according to the company’s most recent holdings data. After the share sale, Antfin will own a 4.32% stake in Zomato.

The block transaction comes at a time when enthusiasm for the food-delivery platform is growing.

The stock reached a new high on March 4 as a result of the company’s growing profitability and great growth prospects.

In the last three months, the stock has risen gained more than 42%, making Zomato the most valuable new-age IT firm with a market capitalization of ₹1.46 Lakh Crore.

Zomato is a famous on-demand meal delivery app that enables customers to discover new restaurants and have them delivered to their door. There’s something for everyone on the app.

Zomato is one of the most prominent online meal delivery services, having customers in roughly 22 countries. Restaurant operators, on the other hand, may increase their online profile by signing up for the Zomato app.

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