Zomato share price falls 3% after ₹3,112-crore block deal: What’s happening

Zomato share price: Shares of Zomato fell 3 percent in opening deals today (March 6). This comes after around 19 crore shares, which accounted for a 2.1 per cent stake in the company, changed hands in a ₹3,112-crore block deal. At 9.20am, Zomato shares traded at ₹160.80 on the NSE.

On March 4, the stock price of Zomato hit a record high. In the past three months, it has risen over 42 per cent increasing Zomato’s market capitalization to ₹1.46 lakh crore.

On Tuesday, Zomato shares closed 1.8 per cent lower at ₹166.8 on the BSE. Last week, Zomato shares hit a record high reaching ₹173.5.

This comes as it was reported that China-based Ant Group’s subsidiary Antfin Singapore Holdings Pte is likely to offload up to 2 per cent stake- 17.64 crore shares- in food delivery platform Zomato for ₹2,800 crore through a block deal.

The floor price for the block deal has been fixed at ₹159.4 per share, as per the report. This represents a 4 per cent discount on the current market price of Zomato stock, it added.