Market Update: Zomato's Stake Sale and Market Reaction

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Zomato witnessed a 4% slump in its share price following a Rs 3,112-crore block deal. Antfin Singapore Holdings Pte reduced its stake in the food delivery giant from 6.42% to 4.32%, sparking investor concerns.

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Around 19 crore shares, equivalent to a 2.1% stake in Zomato, were traded in the block deal at an average price of Rs 160 apiece, representing a 3.5% discount. The transaction's floor price was likely set at Rs 159.4 per share.

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[{"selector":"#anim-bccc2e90-9718-4585-9823-361af0c4060e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Despite the stake sale, Zomato's market sentiment remains robust. The stock recently hit a record high, reflecting investor optimism fueled by improving profitability and a strong growth outlook. Zomato's Market Sentiment Amidst Stake Sale

[{"selector":"#anim-b0784201-fabc-490a-8af1-98d57ec10f3d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Zomato's stock surged over 42% in the past three months, making it the most valuable new-age tech stock with a market capitalization of Rs 1.46 lakh crore. The company's impressive performance underscores its position as a market leader in the food delivery space. Zomato Emerges as Top Tech Stock

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Market Update: Zomato's Stake Sale and Market Reaction

Published : 06 March 2024

Zomato witnessed a 4% slump in its share price following a Rs 3,112-crore block deal. Antfin Singapore Holdings Pte reduced its stake in the food delivery giant from 6.42% to 4.32%, sparking investor concerns.

Around 19 crore shares, equivalent to a 2.1% stake in Zomato, were traded in the block deal at an average price of Rs 160 apiece, representing a 3.5% discount. The transaction's floor price was likely set at Rs 159.4 per share.

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