Uber exits Zomato investment in massive block deal
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The US cab hailing giant Uber on Wednesday morning moved to exit its 7.8% investment in food ordering firm Zomato, Reuters reported. The shares were sold for $392 million. The development comes after Zomato shares rose on Tuesday after results showed a reduction in the company’s losses. The company’s losses shrank to Rs 18.6 crore in the quarter ended June 30, 2022 from Rs 35.94 crore in the previous quarter.