Why Zomato Shares Are Upbeat A Day After Tiger Global's Exit

Zomato’s share price continued to make gains on Tuesday even as US-based investment giant Tiger Global sold its entire stake in the company.

What Happened: As per exchange data, Internet Fund III Pte Ltd, a venture capital fund managed by Tiger Global, sold its remaining 1.4% stake for around ₹1,124 crore. The sale was done through multiple bulk deals at an average price of ₹91.

DST Global’s Apolleto Asia also offloaded its 3.19 crore Zomato shares at an average price of ₹90.10. The total value of the deal was around ₹288 crore.

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However, the shares were picked by several prominent entities such as Morgan Stanley Asia, Goldman Sachs Singapore, Kotak Mahindra Mutual Fund, Axis Mutual Fund, ICICI Pru Life Insurance, and SBI Life Insurance.

The stock is also gaining strength from Morgan Stanley’s positive outlook. The research firm in its latest note on the stock had maintained its “overweight” rating for the stock with a target price of ₹115.

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Price Action: Zomato’s share price was up 0.76% to trade at ₹93.05 at open on Tuesday.

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Posted In: MoversTrading IdeasDST GlobalTiger GlobalZomato