Alipay Of Ant Group Jack Ma To Exit From Zomato May Stop Rally Of Food Delivery Stock

Food delivery firm Zomato has made its investors happy in the stock market in recent times. This stock has not only shown a spectacular rally, but has also registered its name among the best multibaggers of recent times. However, now there is a danger that Zomato’s recent rally may come to a halt.

SoftBank Group has also sold its stake

According to a Mint report, Ant Group’s payment platform Alipay may sell its stake in Zomato Limited. Jack Ma’s company can sell its stake through a block deal. According to the report, this block deal could be for $395 million. Earlier, Japan’s investor SoftBank Group had also sold stake in Zomato. Last month, SoftBank had sold 1.1 percent stake in Zomato for Rs 1,200 crore.

Right now the trend of share prices is like this

In the afternoon trade on Wednesday, Zomato’s shares were trading at Rs 117.60 with a rise of about three and a half percent. Earlier on Tuesday, a fall in the share prices was seen and the share closed at Rs 113.80. It is feared that this deal may put a halt to the continuous rise in the shares of Zomato.

This is how a share becomes a multibagger

Zomato shares are up by more than 9 percent in the last one month. At the same time, during the last 6 months, the share price of Zomato has strengthened by more than 75 percent. So far this year, the price has increased by 95 percent, while the increase in the last one year has been 85 percent. Compared to the low level, Zomato shares are still trading with a profit of more than 100 percent.

Alipay can get this much amount

According to the report, 296 million shares of Zomato can be sold by Alipay in the deal. This sale can happen at a price of Rs 111.28 per share. This means Alipay is selling its stake at a 2.2 percent discount compared to Tuesday’s closing price. Alipay can get $395 million i.e. about Rs 3,290 crore from this deal.

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