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Info Edge share rises over 5% after Zomato raises $250 million

BusinessToday.In     February 23, 2021

Shares of Info Edge, which holds a 19% stake in food delivery giant Zomato, were trading 5% higher on BSE today. The rise in stock came after the announcement that online food delivery firm Zomato raised $250 million (over Rs 1,800 crore) from Tiger Global, Kora and others, valuing the online food ordering platform at $5.4 billion.

Amid high volume, Info Edge opened with a gain of 3.9% and touched an intraday high of Rs 5250, rising 5.1% against the earlier close of Rs 4,995.15 on BSE today.

"On a fully converted and diluted basis, Info Edge's effective stake in Zomato stands at 18.4 per cent," Info Edge said in the exchange filing.

Stock of Info Edge was very volatile in trade today. The share has gained after two days of consecutive fall. Info Edge share is trading higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages.

Info Edge stock has risen 6% since the beginning of the year and over 77% in one year. However, the stock has fallen 0.8% in one week and 5.4% in one month and. The market capitalisation of the firm stood at Rs 64,973.56 crore in today's session.

Info Edge stock price closed 1.43% higher at Rs 5,066 on the BSE today.

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