Zomato shares trade flat a day after China's Alipay sells stake
Zomato share price NSE, Zomato block deal news: Chinese third-party mobile and online payment platform Alipay offloaded its entire stake in food delivery giant Zomato in a block deal on Wednesday.
Zomato share price NSE, Zomato block deal news: Zomato shares were trading flat in the morning deals on Thursday, November 30, a day after China's Alipay exited the company. Chinese third-party mobile and online payment platform Alipay offloaded its entire stake in food delivery giant Zomato in block deals on Wednesday.
The company sold a 3.5 per cent stake in Zomato for about Rs 3,336 crore at Rs 112.7 apiece. Fund manager Fidelity, investment bank Morgan Stanley and sovereign wealth fund Abu Dhabi Investment Authority were among those that bought a sizable portion of the company's shares, exchange data showed. The stock finished at Rs 117.8, up 1.03 per cent on the NSE.
In October, Japan's SoftBank sold a 1.1 per cent stake in Zomato, which is India's biggest food delivery service. Alipay's exit from Zomato also comes at a time when Chinese investors have been cutting their stakes in Indian companies. In August, China's Antfin sold a 10.3 per cent stake in Indian financial giant Paytm to its founder and Chief Executive Vijay Shekhar Sharma.
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Zomato share price target: Should you buy, sell, or hold?
Citi has maintained a buy stance on Zomato with a target price of Rs 145, translating to an upside potential of 24.3 per cent from the previous close of the counter.
Shares of Zomato have nearly doubled this year as the company swung to a profit after going public in 2021, prompting some of its biggest investors to lock in gains on their investments.
(With agency inputs)