On Wednesday, Alipay Singapore, a subsidiary of Alibaba Group Holding, sold a 3.07 percent stake in online food delivery giant Zomato for Rs 1,631 crore in an open market transaction. According to the National Stock Exchange’s bulk deal data, Alipay Singapore Holding Pte sold approximately over 2.5 crore shares, representing a 3.07 percent stake in the company (NSE).

The Chinese e-commerce giant Alibaba’s shares were sold at an average price of Rs 62.06 per share, for a total transaction value of Rs 1,631.39 crore.

Camas Investments Pte, a wholly-owned subsidiary of Singaporean sovereign wealth fund Temasek, purchased 9.80 crore shares of the company on Wednesday.

According to data filed with the bourse, Alibaba owned about 13 per cent of the company through its affiliates Antfin Singapore Holding and Alipay Singapore Holding as of the quarter ended September.

Temasek’s purchase bolstered the stock and helped Zomato finish higher on the NSE. However, the stock has dropped more than 52 per cent so far in 2022.

The news comes months after Uber Technologies sold its 7.8 percent stake in Zomato in a block trade on local exchanges for $392 million.

On the NSE on Wednesday, Zomato shares closed 3.54 percent higher at Rs 65.80 per share.

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