Here's why MapmyIndia share price dropped 5% on December 10, details here

MapMyIndia share price: CE Info Systems, the parent firm of digital maps provider MapmyIndia, dropped up to 5.21 per cent to hit an intraday low of Rs 1,810.40 per share on Tuesday, December 10, 2024.

 

The fall in MapmyIndia share came after the board of the company said that it has scrapped plans to invest in a company being set up by its outgoing CEO after receiving investor feedback.

 

“The Board made the above decision after due deliberation keeping in mind the best interest of the Company. After receiving investor feedback, the Board has re-evaluated its decisions,” MapMyIndia said in an exchange filing. 

 

MapmyIndia explained that the Board and Management believe the company should continue focusing on the B2B and B2B2C sectors, which account for over 99 per cent of its revenue and offer major growth potential for the foreseeable future. As a market leader in these segments, MapmyIndia has demonstrated strong growth and profitability and remains committed to investing in these areas to drive future success.

 

The Company will also retain ownership of its retail brand, Mappls, along with its associated apps. Additionally, MapmyIndia’s Board has decided to reverse its earlier decision to make any equity or debt investment in the proposed new company.

 

“We believe that the decisions taken by the Board on November 29, 2024 and December 9, 2024 both are taken in the best interest of the Company and all its shareholders including minority shareholders. The Company and the Board believes it is important to ensure that the Company goes above and beyond to allay any apprehensions,” said Rakesh Verma, CMD, MapmyIndia, and Rohan Verma, CEO & executive director, MapmyIndia.

 

About MapmyIndia

 

CE Info Systems Ltd, operating under the Mappls MapmyIndia brand, is India’s leading deep-tech company specialising in digital map data, geospatial software, and location-based IoT solutions. 

 

It offers proprietary technologies through Digital Maps as a Service (MaaS), Software as a Service (SaaS), and Platform as a Service (PaaS). The company caters to diverse industries, including automotive OEMs, government organisations, and new-age tech companies, alongside developers and individual consumers. Since its inception, MapmyIndia has supported over 2,000 B2B and B2B2C clients, establishing itself as a pioneer in digital mapping in India since 1995.

 

Leveraging its early-mover advantage, MapmyIndia has built an unmatched portfolio of proprietary and integrated technologies, offering a full stack of products and solutions. Its robust and sustainable business model is driven by continuous innovation, resulting in the most comprehensive and accurate digital maps of India. 

 

These maps span urban and rural areas with address-level detail and extend to advanced formats such as 3D, 4D (real-time updates), HD (high-definition), and photo-realistic RealView maps. Beyond India, the company has integrated global maps for over 200 countries, enhancing its Mappls platform to serve a variety of use cases, from navigation and geospatial analytics to IoT-based fleet management, logistics optimisation, and AI-driven digital transformation solutions.

 

The market capitalisation of MapmyIndia is Rs 9,955.83 crore, according to BSE, The company falls under the BSE 500 category. 

 

The 52-week high of MapmyIndia share is Rs 2,745.05 per share, while its 52-week low is Rs 1,514.70 per share.

 

At 10:02 AM, MapmyIndia shares were trading 4.87 per cent lower at Rs 1,817. In comparison, BSE Sensex was trading 0.18 per cent higher at 81,656.88 levels.