Uber sells 7.8pc stake in India's Zomato for $392m
Thursday, 4 August 2022
NEW DELHI, Aug 03 (Reuters): Uber Technologies on Wednesday sold its 7.8 per cent stake in Indian food delivery firm Zomato Ltd for $392 million via a block trade on local exchanges, two sources familiar with the matter told Reuters.
The deal was executed at 50.44 rupees per share, they said. Zomato and Uber did not immediately respond to requests for comment.
Shares of Zomato Ltd fell as much as 9.6 per cent to 50.25 rupees on India's Bombay Stock Exchange (BSE). The stock cut some losses later and was trading down 5.7 per cent. On Tuesday, Zomato's stock had closed at 55.6 rupees on BSE.