Naukri shares nosedive - heres why investors are punishing the stock
Info Edge - which operates job portal Naukri.com - reported a consolidated loss of Rs 116.5 crore for the quarter ended December 2022 as against a profit of Rs 4,601.87 crore for the corresponding period a year ago.
Info Edge (India) shares slumped on Monday, after the company – which runs job portal Naukri.com – reported a net loss for the quarter ended December 2022 as against a net profit for the corresponding period a year ago. Analysts say the sell-off in the Naukri stock can be attributed to multiple factors, including a write-off investment in property tech start-up 4B Network.
Info Edge shares slumped by as much as Rs 459.9 or 12.1 per cent to Rs 3,351.1 apiece on BSE.
Info Edge Q3 Results
The company reported a consolidated loss of Rs 116.5 crore for the three-month period, as against a net profit of Rs 4,601.87 crore fr the year-ago period. The company's profitability was impacted by a write-off investment in 4B Networks, a dip in the valuation of some investments and a slowdown in the job market. Info Edge wrote off Rs 519.9 crore in 4B Networks, according to the company’s filing.
Its revenue increased about 40 per cent to Rs 589.51 crore for the three-year period.
What brokerages recommend on Info Edge (Naukri) after the company's Q3 results
Brokerages are divided on Info Edge. CLSA maintained an ‘underperform’ rating with a target price of Rs 4,000 apiece.
Brokerage | Rating | Target price |
CLSA | Underperform | Rs 4,000 |
JPMorgan | Overweight | Reduced to Rs 5,300 from Rs 5,600 |
Goldman Sachs | Sell | Reduced to Rs 3,250 from Rs 3,270 |
Nomura | Buy | Reduced to Rs 4,940 from Rs 5,020 |
Info Edge share price history
Info Edge shares have tumbled around 24 per cent in the last one year, sharply underperforming the Sensex index, which has risen seven per cent rise.
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