Zomato share price: Tiger Global sells over 18 crores of Zomato shares

NEW DELHI: US hedge fund Tiger Global reduced its stake by selling 2.34% of the shares or 18.44 crores of shares in a series of large transactions between July 25 and August 2.

Prior to the sale, Internet fund Tiger Global VI owned a 5.11% stake in the food technology company, and now the stake has been reduced to 2.77%.

The sale was made in a series of open market transactions after the mandatory one-year blocking period for investors before the IPO ended last week.

In addition to Tiger Global, a number of other pre-IPO investors have since exited the stock. Yesterday, Uber Technologies sold all of its 7.78% stake in the company at an average price of Rs 50.44 per share.

On the other hand, a group of institutional investors such as Fidelity, ICICI Prudential Life Insurance and Franklin Templeton are buying up shares.

Zomato shares, which have fallen more than 66% from their 52-week high of Rs 169, traded 2% higher at Rs 56.50 on Thursday.

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Despite the massive erosion of wealth, Zomato co-founder and CEO Deepinder Goyal has tried to remain calm in media interviews, saying he only checks stock prices when someone asks him to.

‚ÄúThere is nothing we can do in response to this. We just have to keep doing our job,” Goyal told ET Now on Wednesday when asked to comment on Uber’s exit.

The company reported a consolidated loss of Rs 185.7 crore for the quarter ended June 30, compared to a loss of Rs 359.7 crore in the previous quarter. Consolidated revenue increased by 67% year on year to Rs 1,413.9 crore from Rs 844.4 crore in the same quarter last year.

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