iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Zomato Shares Slide 4% as Ant Group's Arm Unloads 2.1% Stake in ₹3,112 Crore Block Deal

6 Mar 2024 , 10:55 AM

Zomato shares dropped 4% in opening trades on March 6 following a significant block deal where around 19 Crore shares, representing a 2.1% stake, were exchanged for ₹3,112 Crore.

The shares were acquired at an average price of ₹160 each, marking a 3.5% discount from the previous closing price. Currently, Zomato shares are trading at ₹158.50 on the NSE, reflecting a 4.40% decline compared to the previous close.

Antfin Singapore Holdings Pte, a subsidiary of China’s Ant Group, reportedly aimed to sell up to a 2% stake in Zomato, with a likely floor price of ₹159.4 per share, totaling a transaction value close to ₹2,800 Crore. Antfin previously held a 6.42% stake in Zomato, but after the stake sale, its ownership will reduce to 4.32%.

The block deal coincides with positive sentiment surrounding Zomato, which recently achieved a record high on March 4, driven by improved profitability and a robust growth outlook. Over the past three months, Zomato’s stock surged over 42%, solidifying its position as the most valuable new-age tech stock with a market capitalization of ₹1.46 Lakh Crore.

Zomato, founded by Deepinder Goyal and Pankaj Chaddah in 2008, is an Indian multinational restaurant aggregator and food delivery company. It operates in over 1,000 Indian cities and towns, competing primarily with Swiggy in the food delivery and hyperlocal space.

For feedback and suggestions, write to us at editorial@iifl.com

 

Related Tags

  • Ant Group
  • Antfin Singapore Holdings Pte
  • business
  • news
  • Top News
  • Zomato
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.