The domestic mutual fund firm sold 4.5 crore shares or 0.5% stake in Zomato at Rs 138.15 a share, according to block deals data on the National Stock Exchange. As of December-end, Motilal Oswal MF held a 1.83% stake in the new-age consumer technology major. The selling exerted pressure on the stock, as it closed 4.4% down at Rs 133.40 on the NSE.
Zomato shares plunged 4% after a block deal in which equity worth Rs 621.68 crore changed hands. The transaction involved 4.50 crore shares at a discount of 1%. Zomato s stock has rallied over 220% since hitting a 52-week low in January 2023. The company reported strong earnings for the September quarter, with a net profit of Rs 36 crore and a 71% YoY increase in revenue.
Zomato shares had ended at Rs 122 on Thursday, gaining 2.61%. The foodtech company has given multibagger returns of 102% on a year-to-date basis and has outperformed Nifty which has returned nearly 15% during this period. The stock is trading above its 50-day and 200-day simple moving averages (SMAs).