India, March 29 -- Hong Kong-based asset management company Kadensa Capital offloaded more than 60 Lakh shares of foodtech giant Zomato in an INR 119.84 Cr block deal.

As per BSE data, Kadensa Master Fund sold the stake at INR 199.5 apiece yesterday. The shares that flooded the market were lapped up by Goldman Sachs (Singapore) Pte-ODI for INR 119.84 Cr.

The development comes days after BofA Securities downgraded Zomato amid concerns over slower than expected growth in the food delivery space and the increasing competitive pressure in the quick commerce arena. The brokerage downgraded Zomato's shares to 'Neutral' from 'Buy' and trimmed the target price to INR 250 per share from INR 300 earlier.

Earlier this week, Macquarie also raised ...