Info Edge shares nosedive 10% on report of net loss in Oct-Dec

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February 13, 2023
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JM Financial, HDFC Securities and YES Securities gave a Buy call for Info Edge (India).

Shares of Info Edge (India) nosedived 10 percent on February 13 after the company posted a net loss of Rs 116.5 crore in the quarter ended December.

The net loss in the third quarter were on account of concerns around the uncertainty of the funding environment for 4B Network which resulted in an impairment of Rs 276 crore during Oct-Dec.

Info Edge has written off its entire investment in 4B Network, a venture of Rahul Yadav, co-founder and former chief executive officer of real estate search platform Housing.com . As the investment was written off, it resulted in an impairment during the Oct-Dec quarter for Info Edge .

At 11.41 am, Info Edge (India) was trading 10.35 percent lower at Rs 3,419.25 on the National Stock Exchange. The sharp decline in the stock was also triggered by strong volumes that were higher than the 20-day average daily trading volumes.

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