Layoffs by Zomato erase Rs 26 billion from Info Edge’s market value

Info Edge India Ltd. saw its market value erode by about Rs 26 billion ($360 million) after a news report said, a food-delivery unicorn the job-posti

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India Ltd. saw its market value erode by about Rs 26 billion ($360 million) after a report said, a food-delivery unicorn the job-posting website is invested in, fired more than 500 employees.

Media Pvt., in which holds a 26.38% stake, laid off 541 people on Sept. 7, the Business Standard newspaper reported on Sunday. shares, which rose 1% Sept. 9, have since fallen 10% as investors saw the layoffs as a sign the slowdown in consumption is spreading.

“This adds to the growing noise about a slowdown affecting revenue of consumer companies,” said Purvesh Shelatkar, head of institutional brokering at Monarch Networth Capital Ltd. in Mumbai. “ about layoffs is an overhang on the stock now.”

Unlisted clocked a revenue of 13.1 billion rupees in the year ended March 2019, a near threefold jump from a year ago, according to the recent annual report of Info Edge. The company posted a loss of 10 billion rupees, up about 10-fold from 2018.

In comparison, Info Edge’s revenue increased 20% to about 11 billion rupees while its net income climbed 53% to 2.8 billion rupees.

First Published: Thu, September 12 2019. 20:54 IST

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