Shares of Info Edge India slipped 3 percent on February 11 after the value of the company's investments in Policybazaar parent--PB Fintech and food delivery aggregator--Zomato, took a sharp hit following the recent correction in the two stocks.
Info Edge has a 19 percent stake in PB Fintech while it owns 13 percent equity in Zomato. Given that the two stocks have corrected around 30 percent each from their record highs, the valuation of Info Edge's stake in the two companies has eroded by a whopping Rs 17,000 crore from its peak.
At 12.40 pm, shares of Info Edge India were trading at Rs 7,552.05 on the NSE. On the other hand, shares of Zomato plunged 5 percent while those of PB Fintech dived over 7 percent.
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Shares of PB Fintech had touched a record high in January while those of Zomato had scaled a peak back in December last year. Since hitting their respective peaks, the two stocks have fallen prey to sharp profit booking as investor sentiment took a hit amid a volatile global macro environment.
Meanwhile, Info Edge also announced its first ever stock split last week. The company's board approved a one-for-five share split plan.
The company stated in an exchange filing that the record date for the stock split will be announced after receiving shareholder approval for the proposal.
Previously, the company had issued bonus shares to its shareholders, with the last instances being in 2010 and 2012, when it declared a 1:1 bonus issue—granting one free share for every share held.
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