Shares of Zomato Ltd. ended with gains after a volatile start on Wednesday, driven by large trades.
The stock opened 0.87% lower before surging as much as 5.11% intraday. It closed 2.68% higher at Rs 65.25 per share. Total traded volume is 7.5 times the 30-day average.
As many as 26.6 crore shares, or roughly 3.4% equity, of the Gurugram-based food delivery platform changed hands in 13 large trades, according to Bloomberg data.
Chinese conglomerate Alibaba was looking to offload a similar stake in the company for around $200 million (Rs 1,630 crore), according to a CNBC Awaaz report. The Alibaba Group may offer the shares at a 5-6% discount to Tuesday's close price of Rs 63.55, the report said.
Alibaba held a 12.98% stake in the Deepinder Goyal-led Zomato, through Antfin Singapore Holding Pte. and Alipay Singapore Holding Pte, according to BSE shareholding data as on Sept. 30.
Out of the 24 analysts tracking the stock, 18 maintain 'buy', four suggest 'hold' and two recommend 'sell' on the stock. The return potential of the stock implies a potential upside of 32.4%.
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