Shares of Info Edge fell 3.5% in Tuesday's morning trade after global brokerage firm Nomura downgraded the stock to neutral.
Nomura said that it expects weakness in some of the core businesses such as Naukri & 99acres. The brokerage fixed a target price of Rs 3,040 for the stock
Info Edge stock touched an intraday low of Rs 3,280, falling 3.58% on BSE against the earlier close of Rs 3,401.70 on BSE.
The stock price of Info Edge was very volatile today and also hit an intraday high of Rs 3,418 later in the session. Info Edge share is trading higher than 50, 100 and 200-day moving averages but lower than 5 and 20-day moving averages
Info Edge stock has risen 2.75% in one month and 31% since the beginning of the year. Market capitalisation of the firm stood at Rs 42,835 crore in today's session.
The rating firm forecasts -13/+28/+20% revenue growth in FY21/22/23 and expects a margin of 30.4/32.5/34.5% over FY21/22/23 against 31.6% in FY20.
The brokerage added that it likes the company's strong and well-diversified portfolio but the stock's valuations are rich at the current levels.
Info Edge stock closed 2.07% lower at Rs 3,331 on the BSE today.