Zomato stock drops as 612 million shares go for sale on discount

Shares of of India’s Zomato Ltd declined as an undisclosed shareholder offered to sell 612 million shares at a discount, a stake matching that held by Uber Technologies.

Zomato fell as much as 9.5 per cent in Mumbai shortly after opening on Wednesday, before paring the drop to 1.6 per cent at Rs 54.65 as of 9:55 a.m. local time.

The selling shareholder in the block trade offered the stock at between Rs 48 and Rs 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 13.6 per cent. BofA Securities is the sole bookrunner of the block trade.