Zomato Ltd shares dipped over 1% on Tuesday amid strong turnover, as China’s Antfin Singapore Holdings is expected to sell 1.54% of its stake in the food delivery platform through a block deal. Zomato’s stock fell 1.98 percent to a low of Rs 257.10 on the BSE, with volumes of 19.86 crore shares (44.5 times the two-week average) and a turnover of Rs 5,115.21 crore.
Public investor Antfin Singapore Holdings was reportedly seeking to offload shares at a floor price of Rs 251.68 per share, valuing the deal size at around Rs 3,420 crore, or $408 million, according to many reports. According to a CNBC TV 18 report, Zomato experienced significant deals at Rs 258 per share.
Global investment banks Goldman Sachs and Morgan Stanley are reported to be handling the share sale.
As of 10:56 am, Zomato shares were trading 1.02% lower at Rs259.49 on the NSE.
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