Zomato shares trade lower after 9.27 crore shares changed hands; Softbank likely seller

Zomato block deal: Shares of Zomato, the food-delivery company, traded lower on Friday, December 8, after snapping a two-day winning streak. The selling pressure was seen in the stock after, in the pre-opening market session, 9.27 crore shares, which implies a 1.07 per cent stake, changed hands through multiple block deals.

As per Zee Business Research, Japan's Softbank's SVF Growth was expected to offload a 1.1 per cent stake in the company, which is valued at Rs 9.35 crore. Soft Bank Group company Svf Growth (Singapore) Pte Ltd holds a 2.17 per cent stake in Zomato as per data on BSE. Information about the seller is unavailable as of now.

At around 12:30 p.m., shares of Zomato traded 0.82 per cent lower on the BSE at Rs 120.8 apiece. The market capitalisation of the company stood at Rs 1,05,227.86 crore at around the same time. 

How did Zomato fare in Q2?

Zomato reported a consolidated net profit of Rs 36 crore for the July–September period, as against a consolidated net loss of Rs 251 crore for the corresponding quarter a year ago.

Its revenue came in at Rs 2,848 crore for the second quarter of the current financial year, an increase of 71.5 per cent compared with the corresponding period a year ago, according to a regulatory filing.

Recently, global brokerage HSBC retained its 'buy' on the food services aggregator and set a target of Rs 140. This is a significant upside of 14.9 per cent from the last closing price of Rs 121.8 apiece.

Zomato share price: Past performance 

In 2023, so far, Zomato shares have given 100 per cent returns to investors against the Nifty 50's rise of over 15 per cent. 

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