Shares in Deliveroo and its peer, Delivery Hero, experienced a drop in early trade following Delivery Hero's sale of its entire shareholding in Deliveroo for approximately £76.8 million ($97.6 million).

At 0826 GMT, Deliveroo's shares were down 5.25% at 115.50 pence, while Delivery Hero's shares were down 7.3% at EUR20.94. Over the past 12 months, Deliveroo's shares had risen by 24%, whereas Delivery Hero's shares had declined by 72%.

Berlin-based food-delivery company, Delivery Hero, announced on Monday that it had sold around 68 million shares in Deliveroo, which accounted for 4.5% of the UK company's class A shares, at a price of 113 pence. It is important to note that Deliveroo has a dual-class share structure, with its founder and Chief Executive, Will Shu, holding nonlisted class B shares that carry more voting rights.

The sale price represents a 7.3% discount compared to Deliveroo's closing share price of 121.90 pence on Monday.

Deliveroo declined to comment on the matter when approached by Dow Jones Newswires.

Delivery Hero stated that it intends to use the proceeds from the sale for general corporate purposes, and the completion of the transaction is expected by February 1.

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