China’s Antfin sold a 2.1% stake in Indian food delivery platform Zomato worth $341.5 million on Wednesday, stock exchange data showed.
The stake sale comes amid tensions between Beijing and New Delhi over issues ranging from border disputes to India’s increasing scrutiny of Chinese businesses and investment.
Antfin, which held a 6.42% stake in Zomato as of December-end, sold 176.4 million shares in the price range of 160.11-160.40 rupees each. About 56.8 million shares were bought by Morgan Stanley, the data showed, while details of the other buyers were not disclosed.
In November last year, China’s Alipay exited Zomato, offloading its entire 3.44% stake in the Indian food delivery platform.
Zomato’s shares settled 2.6% lower at 161.55 rupees on Wednesday.
Earlier this month, the shares hit a record high, aided partly by improving investor sentiment after stronger earnings in the third quarter.
The shares more than doubled in 2023 and are up nearly 30.5% so far in 2024.
Source: Reuters.com