Motilal Oswal Mutual Fund Offloads Zomato Stake Worth Rs 645 Crore

Motilal Oswal Mutual Fund on Tuesday divested a 0.32% stake in online food delivery aggregator Zomato Ltd. for Rs 645.8 crore through an open market transaction.

Motilal Oswal Mutual Fund offloaded 2.84 crore shares at Rs 226.85 per share, according to block deal data available on the NSE. On the other hand, Societe Generale acquired a 0.14% stake and Polar Capital Funds Plc-Global Technology bought a 0.07% stake at Rs 226.85 per share.

This comes a day after the market cap of the Gurugram-based company surpassed the Rs 2 lakh-crore mark. The share hit a life high of Rs 232 apiece on Monday. Zomato Chief Executive Officer Deepinder Goyal's 4.26% shareholding was valued at over Rs 8,571 crore at the stock's peak, with Monday's gains adding Rs 323 crore to his stake.

This increase was driven by a recent announcement of a platform fee hike. The platform fee rose to Rs 6 from Rs 5. This is the second increase in three months, following a previous hike to Rs 5 per order.

Shares of Zomato closed 4.71% lower at Rs 218.35 per share, as compared to a 0.11% advance in the NSE Nifty 50.