Zomato Shares Snap Five-Day Rally After Nine Large Trades
The buyers and sellers were not known immediately.
Shares of Zomato Ltd. fell 5% after rising for five days in a row as 2% equity changed hands in multiple large trades on Wednesday.
At least 19.1 lakh shares or 2.2% equity changed hands in nine large trades at Rs 162.8 apiece, according to Bloomberg. The buyers and sellers were not known immediately.
According to media reports, China's Ant Group's arm Antfin Singapore Holdings Pte will sell 2% stake in the company. As of December 2023, Antfin Singapore held a 6.32% stake in the food and grocery delivery platform.
Zomato's stock fell as much as 5.03% during the day to Rs 157.50 apiece on the NSE. It was trading 4.04% lower at Rs 159.15 per share, compared to a 0.18% advance in the benchmark Nifty 50 as of 10:14 a.m.
The share price has risen 195% in the last 12 months. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 54.4.
Twenty-four out of the 28 analysts tracking Zomato have a 'buy' rating on the stock and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.4%.
