Eternal shares fall nearly 3% as Antfin Singapore looks to exit

Shares of Eternal, formerly known as Zomato , declined nearly 3% in early trade on Thursday, driven by strong volumes amid reports that Antfin Singapore Holding Pte Ltd, a unit of China’s Alibaba Group, is looking to exit the food and grocery delivery firm. This comes just days after Ant Group completely exited fintech firm Paytm by selling its entire 5.84% stake in large bulk deals valued at around ₹3,800 crore.

Antfin Singapore Holding will offload 18.84 crore equity shares, representing a 1.95% stake in the foodtech company via a bulk deal today, according to reports. The floor price has been set at ₹285 per share, a discount of 4.8% to Wednesday's closing price of ₹298.90 on the BSE, valuing the deal at around ₹5,370 crore. In March, Antfin divested a 2.1%-stake in Zomato for ₹2,827 crore.

Driven by strong volume, Eternal shares dropped as much as 2.64% to ₹291 on the BSE, with more than 81 lakh shares changing hands over the counter compared to the two-week average of 16.39 lakh shares.

At the time of reporting, shares of Eternal were down 1.76% at ₹293.65, with an m-cap of ₹2.8 lakh crore. The counter opened lower at ₹292 against the previous closing price of ₹298.90.

Meanwhile, benchmark indices BSE Sensex and NSE Nifty were trading marginally lower, as sentiment was dented after U.S. President Donald Trump imposed additional tariffs on Indian goods over its purchases of Russian energy.

On July 24, the m-cap of the Deepinder Goyal-led foodtech company crossed the ₹3-lakh crore mark after the stock touched a 52-week high of ₹314.40, rebounding from a 52-week low of ₹189.60 hit on April 7.

Zomato shares have risen over 11% in a year, while they added nearly 27% in the past six months. In the past one month, the counter has surged 14.5%, whereas it has climbed over 7% year-to-date (YTD).

The sharp rally in Eternal shares was driven by a strong Q1FY26 performance, particularly in its quick commerce (QCom) unit Blinkit, which reported a 140% year-on-year (YoY) surge in gross order value (GOV) to ₹11,800 crore, surpassing the food delivery GOV of ₹10,800 crore for the first time.

Overall, Eternal recorded a 90% YoY decline in its profit at ₹25 crore in the June quarter of FY26 compared to ₹253 crore in the year-ago period. Revenue from operations surged 70% to ₹7,167 crore in Q1 FY26 compared to ₹4,206 crore in the same quarter last year.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)