China's Alibaba Group is likely to exit India's Eternal in a block deal valued at 53.75 billion rupees ($613 million), CNBC-Awaaz reported on Wednesday, citing sources. Alibaba's unit Antfin Singapore, which had a 2.08% stake in Eternal as of June-end, will offload all of it at a floor price of 285 rupees, the report said. That implies a 4.6% discount to Eternal's closing price on Wednesday. Antfin and Eternal, which houses food delivery business Zomato and quick commerce arm Blinkit, did not immediately respond to Reuters' requests for comment. ($1 = 87.6900 Indian rupees) (Reporting by Anuran Sadhu and Hritam Mukherjee in Bengaluru; Editing by Arun Koyyur and Shilpi Majumdar)

Alibaba’s Stock Surge: AI Innovations Drive Growth

Alibaba Group is reportedly exiting its stake in India's Eternal, a company that operates food delivery through Zomato and quick commerce via Blinkit, in a block deal valued at 53.75 billion rupees ($613 million). The transaction involves Antfin Singapore, Alibaba's financial unit, which currently holds a 2.08% stake and will offload all of it at a floor price of 285 rupees per share, representing a 4.6% discount to Eternal's closing price on Wednesday.