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Shares of Info Edge (India) plunged 5 per cent ahead of Zomato IPO, which will open for subscription on Wednesday. Info Edge plans to sell ₹350 crore shares in the ₹9,375-crore IPO through the offer for sale window.
Earlier, it was planning to sell ₹700 crore worth shares; however, it reduced the size later. Info Edge holds a stake of about 18.55 per cent in Zomato.
The stock, which fell to as low as ₹5,138.15 in intraday trade, closed at ₹5,156.10 on the BSE, down 4.6 per cent over the previous day’s close.
The stock has been on a bull run ever since Zomato initiated IPO plans in May. The stock hit an all-time high of ₹5,876 early this month.
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