Zomato Share Price Near 52-week high After Block Deal

Zomato Share Price Near 52-week high After Block Deal

Zomato stock was trading firm after a block deal was reported early morning. As per reports, Softbank has sold 1.1 percent stake in the food delivery operator through its fund SVF Growth Singapore Pte. 9.3 crore shares of Zomato were traded in a block deal at Rs 111.2 per share. The deal was worth Rs 1040 crore.

Zomato shares were trading firm after the block deal. At the time of writing of this report, Zomato was up by 1.2 percent.

The stock touched intraday high of Rs 114.50. The stock is very close to 52-week high of Rs 115.10. Zomato has recently reported positive numbers and this has led to higher valuation for the stock. From 52-week low of Rs 44.3, the stock has more than doubled.

Softbank has sold stake in Zomato earlier as well. Despite the stake offloading by Softbank, Zomato stock has been trading strong.

Indian markets were trading lower during the morning trade. The cautious sentiment in global markets has impacted investor sentiment in India as well. We could see recovery from lower levels but today’s session could remain largely negative.