Shares of local search engine Justdial today plunged 8.5 per cent as the company reported 16 per cent decline in net profit for the quarter ended December 31.
The stock slumped 8.50 per cent to settle at Rs 717.95 on BSE. During the day, it dipped 9.11 per cent to Rs 713.10 - its 52-week low.
At NSE, shares of the company tanked 6.86 per cent to end at Rs 731.10.
The company lost Rs 468 crore to Rs 5,062.98 crore in market valuation.
In terms of volume, 4.29 lakh shares of the company changed hands at BSE and over 26 lakh shares were traded at NSE during the day.
Justdial today reported 16 per cent decline in net profit to Rs 27 crore for the October-December quarter of the current fiscal due to sharp increase in expenses.
The company had reported a net profit of Rs 32 crore in the same quarter a year ago.
Justdial's total income from operations grew 10.95 per cent to Rs 171.3 crore in the quarter under review as against Rs 154.4 crore a year ago, it said in a BSE filing.
Its overall expenses stood at Rs 142 crore, up 28.60 per cent, compared with Rs 110.4 crore in the third quarter of the previous fiscal.
