Zomato shares in focus as Antfin plans potential 2% stake sale

Zomato Ltd shares are likely to be in the spotlight on Wednesday following reports indicating that shareholder Antfin Singapore Holdings, an affiliate of Chinese Ant Group, is considering selling up to 2% stake or 17.64 crore shares in Zomato for 2,800 crore rupees through a block deal.

According to sources cited by CNBC-Awaaz, the floor price for the block deal has been set at 159.40 rupees per share, representing a 4% discount to Zomato's current market price.

Shares of the food delivery platform hit a record high on Monday, as improving profitability paved the way for future growth, triggering a turnaround in investor sentiment.

Zomato third quarter results

Last week, Zomato Ltd reported a net profit of Rs 138 crore in the third quarter ended December 31, 2023, on the back of accelerated growth of quick commerce and steady performance of its core business.

The company had posted a consolidated net loss of Rs 347 crore in the same quarter last fiscal, Zomato Ltd said in a regulatory filing.

Consolidated revenue from operations stood at Rs 3,288 crore. It was at Rs 1,948 crore in the year-ago period, it added.