CarTrade Tech and CarDekho, BikeDekho parent mutually decide to end proposed consolidation talks

CarTrade Tech Ltd on Thursday announced that it has ended preliminary discussions with Girnar Software Pvt Ltd, the parent company of CarDekho and BikeDekho, regarding a potential consolidation of their automotive classifieds businesses.

The company, in an exchange filing, said both parties have "mutually decided not to proceed with the proposed transaction at this stage," adding that the consolidation plan is not being pursued for now.

CarTrade Tech stated that it will continue to focus on strengthening its existing brands -- CarWale, BikeWale, OLX India and Shriram Automall - emphasising the strong fundamentals and growth potential across its current portfolio. The firm reiterated its commitment to driving product and technology innovation while expanding value across its diversified ecosystem.

The company added that it will keep assessing strategic opportunities as part of its normal business operations and will make required disclosures under Sebi's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, as and when applicable.

Meanwhile, bourses BSE and NSE have put the securities of CarTrade under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

Last checked, the stock was up 0.86 per cent at Rs 3,199.70 in pre-opening deals.