Shares of Info Edge (India) Ltd., owner of website naukri.com, fell nearly 5 percent after the company's first quarter profit slipped on account of higher staff benefits and advertising costs.
Info Edge, which also runs a popular
real estate portal, said its quarterly profit shrunk 29 percent to 40.6 crore rupees compared 57 crores in the same quarter a year ago. Sales during April-June rose 18 percent to 171 crore rupees compared with 145 crore rupees in the year ago period.
As a consequence Info Edge's shares fell 4.7 percent, or 42 rupees, to 855 rupees on the
National Stock Exchange where 1.45 lakh shares changed hands in the four hours of trade compared with the 5-day average of 0.62 lakh shares.
Info Edge's market capitalisation has surged 26 percent to 10,700 crore rupees in the past one year as
investors preferred companies which allowed customers to shop for services online. The company raised 750 crore rupees via an institutional placement last year in a bid to invest in its real estate portal 99 acres.
(Image credits: infoedg)
