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Shares of Zomato Ltd declined as much as 10% on the BSE in Wednesday’s opening deals as an undisclosed shareholder offered to sell 612 million shares at a discount, a stake matching that held by Uber Technologies. Uber owns 612.2 million shares in Zomato, according to data compiled by Bloomberg.
The selling shareholder in the block trade offered the stock at between ₹48-54 a piece, according to terms of the deal seen by Bloomberg News late Tuesday. The discount versus the last closing price was as wide as over 13%. BofA Securities is the sole bookrunner of the block trade.
Zomato shares jumped the most since its debut session last year on Tuesday, as a number of block trades changed hands after it released its quarterly performance report. The result showed a smaller-than-expected loss and revenue in line with analyst expectations.
Its consolidated net loss in the first quarter of the current financial year almost halved to ₹186 crore due to higher income. The company had reported a net loss of ₹360.7 crore in the year-ago period.
During the quarter under review, consolidated revenue from operations rose 16% to ₹1,414 crore from ₹1,212 crore in the March quarter and 67% from ₹844 crore a year ago. This was driven by a 10% sequential jump in its gross order value (GOV) to ₹6,430 crore in Q1FY23, which was led by order volumes and a mild growth in average order values.
(With inputs from Bloomberg)
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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