Shares of Zomato, a leading food delivery major, tumbled 4.6% in early trade on Wednesday, reaching ₹158.25 apiece. This downturn came after 19 crore shares, or 2.2% of the total equity of the company, changed hands in a block deal window, according to a CNBC-TV18 report.
The total worth of the transaction was around ₹3,112 crore. The buyers and sellers, however, were not known immediately.
Earlier, it was reported that China-based Ant Group’s subsidiary Antfin Singapore Holdings Pte would sell shares worth 2,800 crore (a 2% stake) in Zomato in a block deal on Wednesday, CNBC-TV18 reported on Tuesday, citing sources.
The floor price for the block deal has been fixed at ₹159.4 per share, which represents a 4% discount to Tuesday’s closing price of Zomato stock, according to the report.
Antfin Singapore Holdings Pte. holds a 6.32% stake in the company, Trendlyne data showed.
On Monday, the company shares hit a new peak of 175.60 apiece, and in CY24 so far, they are up by 29%. It finished CY23 with a multibagger return of 108.60 apiece, and from its IPO price of ₹76, the stock is currently up by 110%.
In the December quarter (Q3 FY24), Zomato reported a consolidated net profit of ₹138 crore, compared to a net loss of ₹347 crore in the year-ago period. Sequentially, its net profit swelled by 283%. Its revenue from operations in the third quarter of the current fiscal year rose by 69% YoY to ₹3,288 crore.
The food delivery gross order value (GOV)—the total value of all orders placed—grew by 25% YoY, and the company expects GOV to continue growing at 20% plus YoY and perhaps accelerate further if it sees more than expected market share gains and a revival in macro consumer demand.
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