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Business News/ Markets / Stock Markets/  Info Edge (India) share price drops 3% as Google removes its mobile apps from Play Store

Info Edge (India) share price drops 3% as Google removes its mobile apps from Play Store

Info Edge (India) stock price dropped by 3% following Google's removal of multiple mobile applications, including and 99acres from the Play Store.

Info Edge share price today opened at ₹5,200 apiece on BSE, and the stock touched an intraday low of ₹5,130 and high of ₹5,230.Premium
Info Edge share price today opened at 5,200 apiece on BSE, and the stock touched an intraday low of 5,130 and high of 5,230.

Info Edge (India) share price fell nearly 3% on Saturday's trading session after the company informed the bourses that Google had removed/delisted several mobile applications from the Google Play Store today, including those from several other companies/entities.

The company's mobile applications included Job Search App, Naukri Recruiter, Naukrigulf Job Search App, 99acres Buy/Sell/Rent Property, and Shiksha.

Info Edge share price today opened at 5,200 apiece on BSE, and the stock touched an intraday low of 5,130 and high of 5,230.

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As Google took this action without providing the firm with enough warning, the company stated in its filing that it was surprised to see its mobile applications removed  from the Google Play Store.

The Company is working with Google to ensure that its mobile applications are restored on the Google Play Store as soon as possible, and is currently researching and assessing the best course of action.

The company would like to make it clear that customers can keep using the company's mobile applications if they have already downloaded them to their smartphones.

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“In addition, all users that are using the Company’s mobile applications through other platforms (such as the Apple App Store) or through the concerned web platforms (on both mobile and desktop), are not impacted by this change," it said in its exchange filing. 

Info Edge founder Sanjeev Bikhchandani clarified to CNBC-TV18 that Jeevansaathi was the app in dispute, and they complied on that on February 9.

“Never received notice from Google about other apps being non-compliant. Got communication just few hours before 99acres and Naukri were delisted. We were taken totally by surprise, we are in touch with Google," confirmed Bikhchandani to CNBC-TV18.

As per trendlyne, Info Edge share price rose 50.51% and outperformed its sector by 7.13% in the past year.

Info Edge reported a 151.1 crore profit for the December quarter compared to the same period last year. The business posted a loss of 116.5 crore during the same period previous year. The business appears to have fared well in spite of the continuous slowdown in the employment of people in the information technology (IT) industry.

Also Read: Info Edge (India) Ltd share price plunges 5% on muted Q3 results; here's what brokerages say

In Q3, the company's total revenue rose 6.4% to 627.1 crore. In a regulatory filing, the business stated that billing for the December quarter climbed by 4.8 percent year over year to 576.9 crore.

In an exchange filing, the company said that Info Edge's non-recruitment business verticals—the real estate vertical, the matrimony business, and the education business—kept up their growth trajectory and performed well in Q3FY24, with YoY revenue growth of 21.8%, 23.0%, and 23.3%, respectively. The hiring slowdown in the IT sector notwithstanding, the recruiting industry's revenues increased 3.1% annually.

Also Read: Gold rate today at nine-week high on US Fed rate cut buzz, ease in US dollar rate

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 02 Mar 2024, 09:31 AM IST
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