Info Edge shares shed early gains, settle nearly 2 pc lower

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday erased its early gains and settled nearly 2 per cent lower.

Shares of Info Edge (India) rose 3.47 per cent to touch intra-day high of Rs 2,676.10 per unit on the BSE. However, it ended the day with a loss of 0.23 per cent at Rs 2,583.20.

On the NSE, the stock gained as much as 3.2 per cent during the day to Rs 2,675. The scrip closed in red at Rs 2,545, down 1.80 per cent over previous close.

Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform effective Tuesday as per a company statement.

In a regulatory filing to the BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction.