Eternal
Eternal shares fall for 8th straight day after Rs 2,403 crore block deal
Mumbai/IBNS: Shares of Eternal Ltd., the parent company of quick commerce platform Blinkit and food delivery major Zomato, fell for the eighth consecutive day following a large block deal, media reports said.
The stock erased early gains after nearly 1 percent of the company’s outstanding equity — approximately 9.7 crore shares — changed hands in a block transaction at an average price of Rs. 247.75 per share. The total deal value stood at around Rs. 2,403 crore.
The identities of the buyers and sellers involved in the transaction have not yet been disclosed.
Despite the recent decline, brokerage firm Bernstein remained optimistic about the quick commerce sector, citing its strong structural fundamentals. The firm described the segment as an attractive “anti-AI investment” theme and maintained its “outperform” rating on Eternal with a target price of Rs. 370.
Market sentiment towards the company continues to remain largely positive. Of the 33 analysts covering Eternal, 30 have issued a “buy” recommendation, while three have rated the stock as a “sell.”
The current downturn marks the company’s longest losing streak since April–May 2022, when its shares declined for nine consecutive trading sessions.
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