Zomato Falls After Antfin Singapore Sells Stake Worth $556 Million
About 20.7 lakh shares of Zomato, or 2.2% equity, changed hands in 10 bunched trades, according to Bloomberg data
Shares of Zomato fell over 1% on Tuesday after multiple large trades. About 20.7 lakh shares, or 2.2% equity, changed hands in 10 bunched trades, according to Bloomberg data.
Antfin Singapore Holding will sell its stake in Zomato for $556 million, according to the term sheet viewed by Bloomberg. The firm had a 4.24% stake in the food delivery company as of June 2024.
The shares will be sold at a floor price of Rs 251.68 apiece, according to the term sheet. This is a 4% discount to the current market price.
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Zomato's stock fell as much as 1.5% during the day to Rs 258.2 apiece on the NSE. It was trading 0.94% lower at Rs 259.7 apiece, compared to a 0.21% advance in the benchmark Nifty 50 as of 9:31 a.m.
The stock has risen 189% in the last 12 months and 109% on a year-to-date basis. The total traded volume so far in the day stood at 73 times its 30-day average. The relative strength index was at 63.
Twenty-five out of the 28 analysts tracking the company have a 'buy' rating on the stock, and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.9%.
