Shares of Info Edge India, which owns online platforms such as Naukri, 99acres, Jeevansaathi and Shiksha, fell 10% to an intraday low of Rs 3,430 on the BSE on Monday after the company reported a net loss of Rs 116.5 crore in the third quarter of FY23 compared with last year. The profit was Rs 4,601.87 crore in the previous year.

The loss in the most recent quarter was primarily driven by the company’s write-off of an investment in property tech startup 4B Networks. It has invested Rs 276 crore in the startup until September 2022.

It took a separate impairment charge of Rs 276 crore as an exceptional item due to concerns over uncertainty in the financing environment for the 4B Network.

According to its submission, on a consolidated basis, it has impaired 4B Networks’ risk of around Rs 520 crore (including goodwill and net assets), “taking into account the current state of affairs and other relevant factors, including excessive cash burn, general liquidity issues and significant uncertainty in funding options”.

Info Edge is an early-stage investor who has invested in startups such as Zomato, Delhivery and Policybazaar.

“While we are seeing a slowdown in IT hiring, the non-IT hiring market remains strong,” said Hitesh Oberoi, the company’s chief executive officer.

During the quarter, consolidated revenue rose about 40% to Rs 589.51 crore from Rs 421.41 crore a year ago.