MapmyIndia shares drop 7% as 28.6 lakh shares change hands; PhonePe likely seller

MapmyIndia share price has rallied 24 percent since the start of the year.

Shares of MapmyIndia or CE Info Systems crashed 7 percent to Rs 1,804  in morning trade on June 12 after 28.6 lakh shares of the company or 5.3 percent equity changed hands at Rs 1,813.7 per share, data showed.

Earlier, CNBC-TV18 reported that digital payments major PhonePe Pvt. Ltd. had initiated a block deal to offload a 5 percent stake in CE Info Systems Ltd., the parent company of MapmyIndia, for Rs 476.2 crore.Moneycontrol couldn't independently identify the buyers and sellers in the block deal.

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As of March-end, the digital payments giant held an 18.7 percent stake in MapmyIndia. The stake sale comes at a time when PhonePe is laying the groundwork for its own IPO. CEO Sameer Nigam had recently said the company believes “now is the right time” to go public.

MapmyIndia has seen a strong finish to the March quarter, with net profit rising 28.2 percent year-on-year to Rs 48.6 crore, while revenue climbed 34.2 percent to Rs 144 crore. Operating performance was robust as well — EBITDA jumped 46 percent to Rs 58 crore. However, margins saw a slight dip, with EBITDA margin narrowing to 34.4 percent from 37 percent a year earlier.

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At about 9:20 am, shares of the company were trading at Rs 1,817, higher by 6.9 percent from the last close on the NSE. MapmyIndia share price has rallied 24 percent since the start of the year.

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