Following the global brokerage firm Nomura downgrade of the stock to the neutral condition, Info Edge’s shares witnessed a near 4 per cent decline in the morning trade on September 22. Data based on CNBC-TV18 indicates that Nomura has set a price of Rs 3,040 to be achieved for the stock. There is predicted to be a weakness in some of the core businesses like Naukri and 99acres. Nomura has mentioned the upsides to the company’s firm and a well-diversified portfolio, while the valuations to the stock stay rich at the current levels.

Nomura forecasts -13/+28/+20 per cent revenue growth in FY21/22/23 and predicts a slim growth of 30.4/32.5/34.5 per cent Over FY21/22/23 against 31.6 per cent in FY20. Based on further analysis, the company has been witnessing a decline in revenue for the last two quarters. Shares of Info Edge traded 2.70 per cent lower at Rs 3,310 on BSE at 10:30 hours.I