Info Edge slumps 10% on Rs 116 cr Q3 loss; writes-off invst in 4B Network

Shares of Info Edge India, which owns online platforms including Naukri, 99acres, Jeevansaathi and Shiksha, tumbled 10 per cent intra-day to a low of Rs 3,430 on the BSE on Monday after the company reported a net loss of Rs 116.5 crore in Q3FY23 versus a profit of Rs 4,601.87 crore last year. 

The losses in the recent quarter mainly accrued as the company wrote off its investment in property tech start-up 4B Networks. It had invested Rs 276 crore in the start-up as of September 2022.

On a standalone basis, it charged an impairment of Rs 276 crore as an exceptional