Chennai: Everonn Education Ltd said third quarter loss widened because of a slowdown in business and rise in other expenses, sending shares down by 4.6% in afternoon trade on BSE.

The company posted a loss of 129 crore in the quarter from a loss of 6.5 crore in the year earlier.

Revenue for the quarter fell 82.3 % to 5.6 crore from 88.3 crore a year ago. Other expenses doubled to 115 crore from 57 crore in the year-ago quarter.

The Chennai-based company posted a 34 crore loss even in the second quarter.

In October last year, US-based test-conducting firm Prometric Inc. dropped Everonn as its Indian partner to conduct the computer-based common admission test (CAT) for the Indian Institutes of Management (IIMs) after two years.

Shares of Everonn dropped to 80.95 a share in afternoon trade on BSE, while the benchmark Sensex was down to 19,508.41 points.