E-commerce giant Alibaba announces to sell of Zomato’s shares worth USD 200 million on 30 November, as per a report by the leading media house.
Alibaba owns nearly a 13 per cent stake in Zomato through two of its subsidiaries via a block deal.
Ant Financial and Alipay will drop their stake in Zomato to approximately 10 per cent, the report stated quoting sources.
The block deal is set to occur at around a 5-6 per cent discount with the broker as investment bank Morgan Stanley.
The act by the Chinese firm comes after the restaurant aggregator and food delivery company Zomato has witnessed some senior-level resignations recently.
It has also begun with laying off employees to reduce the workforce by 4 per cent.
Zomato’s share price has declined over 55 per cent this year, although the company noticed intense revenue growth in recent quarters.
Alibaba has evolved as the latest investor to sell Zomato shares in the majority since the lock-in period of one year for roughly 613 crore shares (78 per cent) of the company’s stock.