Sensex Today Live: Zomato shares fall over 4% as China-based Ant Group subsidiary offloads stake
In a significant development in the stock market today, Zomato shares witnessed a sharp decline of over 4% as Antfin Singapore Holdings Pte, a subsidiary of the China-based Ant Group, announced its plans to sell up to 2.2% stake in the food delivery platform. The transaction, expected to be worth ₹2,800 crore, will be conducted through a block deal with a floor price set at ₹159.4 per share, representing a 4% discount on Zomato’s current market price.
This move by the Ant Group subsidiary has raised concerns among investors and analysts, leading to a negative impact on Zomato’s stock performance. The decision to offload a significant stake in the company has sparked speculations about the future prospects of Zomato and its partnership with Ant Group.
The news of the stake sale comes at a time when the Indian stock market is already facing challenges due to weak global cues and cautious investor sentiment. The broader market indices have been under pressure, with the BSE SmallCap index witnessing a nearly 1% drop in early trading today.
As investors closely monitor the developments in the stock market, the impact of the Ant Group subsidiary’s stake sale on Zomato’s future trajectory remains a key point of interest. Analysts are advising caution and strategic decision-making in light of these recent developments to navigate the current market conditions effectively.
