Shares of Zomato Ltd. swung on block trades likely being executed by Uber Technologies Inc.
The stock of the Gurugram-based food ordering platform sank as much as 9.5%. Within minutes it erased all losses to gain as much as 1.17%, before again slipping 5.2%. However, the scrip ended Wednesday only 0.18% lower.
According to Bloomberg data, about 61.4 crore shares of Zomato have changed hands at Rs 51.9 apiece. That matches with the terms of the deal reviewed by BQ Prime.
An undisclosed seller is listed as selling a 7.8% stake or 61.2 crore shares in Zomato, according to the terms of a block deal being executed by BofA Securities. Uber as on June 30 held 7.78% in Zomato, BSE data showed.
The sale is being executed in the price band of Rs 48-54 per share, a 2.8-13.6% discount to the company's closing price of Rs 55.5 apiece on Aug. 2. At the lower end of the price range, the block trade will garner around Rs 2,938.6 crore for the seller.
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