Antfin Singapore, a subsidiary of Alibaba Group, has sold shares worth Rs 47.72 billion ($570 million) in India's food and grocery delivery platform Zomato, reducing its stake by nearly half to 2.2%, according to a report by Reuters citing exchange data released on August 20.
The divestment was executed through two block deals, with shares sold at Rs 257.46 and Rs 257.17 each, both below the day's closing price of Rs 263.12, Reuters added. This marks Antfin's second significant sale of Zomato shares this year, following a 2.1% stake sale in March. The move comes amid heightened scrutiny of Chinese investments in India due to ongoing border tensions between Beijing and New Delhi.
Earlier in 2023, Ant Group's Alipay, which is part of the broader Ant Group network, completely divested its 3.44% stake in Zomato.
As India's urban consumers increasingly turn to online platforms for groceries and household items, app-based delivery companies like Zomato and its competitor Swiggy have attracted substantial investor interest. Zomato's shares have more than doubled in value this year, with the stock closing 0.4% higher on Tuesday.
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