The shares of Info Edge (India) Ltd plummeted 5.20% to reach a fresh 52-week low of ₹ 3320 apiece on Wednesday’s early trades. They hit their previous 52-week low just two weeks ago on 6th May 2022. The shares changed 4,38,391 hands by 11:55 AM.
Info Edge (India) Ltd. is a premier online classifieds company with a portfolio of brands like naukri.com, 99acres.com, jeevansathi.com, ambitionbox.com and shiksha.com. It has invested in many startups. For instance, it is a founding investor in Zomato and PB Fintech.
The shares gave multibagger returns of 286.06% in the five-year time frame. However, they fell by 3.53% in the last five days, 25.31% in the last month, 43.51% in the last six months and by 22.62% in the last year, on the NSE.
The tech-heavy Nasdaq led the slump on Wall Street as a weak earnings forecast from Snapchat-owner Snap Inc added to nerves about an inflation-struck economy. Other tech majors on the index like Alphabet Inc, Meta Platforms Inc and Pinterest Inc, fell between 3.0% and 24.8%. Nine of the 11 major S&P sectors declined during early trades after rising broadly in the previous session.
Market observers in India believe that Indian technology stocks fell, tracking losses in the US indices. Further, Info Edge (India) Ltd. is tentatively going to declare its audited Q4 results and dividend on 27th May 2022.
Info Edge (India) Ltd. is a large-cap company with a market capitalization of ₹45138 crores. Its promoters hold a 38.17% stake in it, foreign institutions hold 33.99% and the rest is held by domestic institutions, mutual funds, and retail investors. The company has given a return on equity of 36.76%.
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