Motilal Oswal Mutual Fund divests stake in Zomato for ₹646 crore

Motilal Oswal Mutual Fund on Tuesday divested its stake in online food delivery aggregator Zomato for ₹646 crore through an open market transaction.

According to the block deal data available on the National Stock Exchange (NSE), Motilal Oswal Mutual Fund (MF) sold more than 2.84 crore shares or 0.3 per cent stake in Gurugram-based Zomato.

The shares were disposed of at an average price of ₹226.85 apiece, taking the transaction value to ₹645.84 crore.

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Axis Mutual Fund, BNP Paribas Arbitrage, Citigroup Global Markets Mauritius, Goldman Sachs, Matthews Asia, Morgan Stanley, Hong Kong-based Optimas Capital Management and investment management firm Polar Capital were among the buyers of Zomato's shares.

Shares of Zomato plunged 4.71 per cent to close at ₹218.35 apiece on the NSE.