Alipay Sells 3.4% Stake in Zomato for $400 Million

Stake sold through block deals amid surge in Zomato's share price.

Chinese payments group Alipay has sold its 3.4% stake in Indian food delivery giant Zomato for nearly $400 million.
The stake was sold through block deals on Indian stock exchanges.
Alipay's decision to sell comes as Zomato's shares have surged more than 90% this year.
The move follows a trend of Chinese investors reducing their stakes in Indian companies.
In October, Japan's SoftBank sold a 1.1% stake in Zomato.