Zomato Share Price Today: Zomato shares tank practically 10% on BSE on Uber stake sale report

Zomato Share Updates: Shares of on-line meals supply agency Zomato crashed 9.6 per cent on the BSE within the early commerce on Wednesday after experiences emerged that Uber Technologies, considered one of its key stakeholders, is planning to dump its whole holding within the firm for a minimum of $373 million (Rs 2,939 crore) by a block deal of shares.

The Zomato inventory tanked 9.62 per cent to Rs 50.25 apiece within the early commerce on the BSE. However, on the National Stock Exchange (NSE), it crashed 6.84 per cent to Rs 51.75 per share.

At 10: 49 am, the Zomato scrip was buying and selling at Rs 54.55 per share on the BSE, down 1.89 per cent from its earlier shut. On NSE, it was quoted at Rs 54.55, down 1.80 per cent.

So far within the intraday commerce, over 28.51 crore shares have been traded on the NSE whereas over 68.05 crore shares exchanged fingers on the BSE, information from the respective bourses confirmed. The market capitalisation of the corporate was at Rs 43,024.83 crore, BSE information confirmed.

On Tuesday, information company PTI reported that ride-hailing app Uber will likely be promoting off its whole stake within the Indian meals supply main for a minimum of $373 million (Rs 2,939 crore) by a block deal of shares.

The provide value vary for the deal to be carried out on Wednesday will likely be between Rs 48-54 per share, the report stated citing service provider banking sources. The growth got here on a day when the Zomato inventory noticed a virtually 20 per cent rally to to settle Rs 55.60 apiece on the BSE.

Uber holds presently holds a 7.8 per cent stake in Zomato. It had acquired a ten per cent stake within the meals supply chief after the latter acquired its native meals supply enterprise Uber Eats in an all-stock deal in 2020.

Zomato bought listed on the inventory exchanges final 12 months and it had been witnessing fixed promoting stress for the previous few months until the information of halving of losses and enterprise reorganisation heightened consumers’ curiosity in Tuesday’s commerce.