Zomato stock has plunged a whopping 70 per cent from record high of Rs 169 hit in November last year.
Shares of foood delivery service provider Zomato fell as much as 10 per cent to hit an intraday low of Rs 50.25 on the back of multiple block deals. According to BSE data over 68 crore shares changed hands on the BSE compared to an average of 2.27 crore shares traded daily in the past two weeks.
On the National Stock Exchange, over 30 crore shares changed hands at the value of Rs
According to media reports, Uber Technologies is selling its entire 7.8 per cent stake in the company which it had when Uber Eats' India business was acquired by Zomato in January 2020.
As per the term sheet, total 61.2 crore shares of Zomato were put up for sale in the price band of Rs 48-54 per share. Zomato shares have been facing intense selling pressure ever since its one-year lock in period for its founders, employees, promoters etc ended last month.
Zomato stock has plunged a whopping 70 per cent from record high of Rs 169 hit in November last year. Zomato sold shares in the price band of Rs 72-76 initial public offer (IPO) in July last year.
Zomato shares were in huge demand during the three-day share sale via IPO which ended on July 16. The IPO was subscribed 38.25 times.
On Monday, Zomato said its consolidated net loss in the first quarter of the current financial year almost halved to Rs 186 crore due to higher income.
The company had reported a net loss of Rs 360.7 crore in the year-ago period.
During the quarter under review, the company's total income rose to Rs 1,582 crore against Rs 916.6 crore in the corresponding period of last year.
Zomato shares staged a strong recovery after falling as much as 10 per cent and were trading 2.61 per cent lower at Rs 54 on the BSE by 11:39 am.