Shares of Info Edge – Naukri.com's parent company – crashed over 10% to reach Monday's intraday low of ₹3,351.10.
What Happened: The company reported a consolidated net loss of ₹116.5 crore a massive drop from the ₹4,601.8 crore profit it booked in the year-ago period. However, the company's revenue from operation saw a 40% year-over-year surge to ₹589.5 crore.
The company which is an early investor in startups like Zomato and Delhivery also wrote off its entire investment of ₹276 crore in real estate startup 4B Networks.
Talking about the write off the company's CEO Hitesh Oberai said, "We are writing down the investment in light of the current state of the environment and the significant uncertainty towards funding options available to 4B in future."
The company’s popular recruitment solutions brand Naukri India reported a 17.8% YoY surge in billings at ₹362.7 crore.
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Other ventures of the companies including 99acres and Shiksha saw over 20% YoY growth in revenue. However, revenues from the matrimonial website Jeevansathi were down 26.3% at ₹17.9 crore. The company attributed the drop to the implementation of new strategies to drive traffic.
Price Action: Info Edge traded 9.39% lower at ₹3,453.25 in the late hours of trading on Monday.
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