Info Edge , the parent company of popular job portal Naukri.com, has come under scrutiny following a whistleblower complaint alleging policy violations by employees at its real estate division, 99acres. The company has taken swift action to address the situation, referring the matter to its Audit Committee and Board of Directors.

Investigation Underway

In response to the allegations, Info Edge has appointed a specialist law firm to conduct an independent investigation into the matter. This move demonstrates the company's commitment to transparency and corporate governance. As of now, Info Edge has stated that there is no material impact on its financial statements.

Stock Performance

The news has had a noticeable impact on Info Edge's stock performance. On Friday, the company's shares closed at Rs 1,363.40, down 0.62%. This recent decline is part of a broader trend, with the stock experiencing a significant drop of 22.00% year-to-date and 13.00% over the past year.

Technical Indicators

From a technical analysis perspective, the stock is currently trading below seven of its eight key moving averages, with bearish indicators prevailing. This suggests that investor sentiment remains cautious in light of recent developments.

Recent Financial Performance

Despite the current challenges, Info Edge's recent quarterly results show mixed performance:

While the company has shown strong year-on-year growth in both net profit and revenue, the sequential decline in profit raises questions about short-term performance trends.

As the investigation into the whistleblower complaint progresses, investors and stakeholders will be closely monitoring Info Edge for further updates and potential impacts on the company's operations and financial health.

Info Edge (India) Limited , the parent company of popular real estate portal 99acres, has initiated an investigation following a whistle-blower complaint alleging policy violations by employees in its 99acres business vertical.

Complaint and Investigation

According to a corporate filing by Info Edge, the company received a whistle-blower complaint that accused certain employees within the 99acres division of violating company policies. In response to these allegations, Info Edge's Audit Committee and Board of Directors have taken swift action by appointing a reputed specialist law firm to conduct an independent and comprehensive investigation into the matter.

Company's Response

Jaya Bhatia, Company Secretary & Compliance Officer of Info Edge, stated in the filing, "The Audit Committee and Board of Directors have appropriately noted the contents of the allegations and mandated a reputed specialist law firm to independently and comprehensively investigate the matter."

Financial Impact and Ongoing Assessment

As of now, Info Edge reports that there is no material impact on the company's financial statements. The assessment by the appointed law firm is currently ongoing, indicating that the full extent and nature of the alleged violations are still under scrutiny.

Whistle-Blower Policy

Info Edge has emphasized that the complaint will be handled in accordance with the company's established whistle-blower policy. This policy, which outlines the procedures for addressing such complaints, is publicly available on the company's website.

Transparency Measures

In line with its commitment to transparency, Info Edge has disclosed this information to both the National Stock Exchange of India Limited and the BSE Limited. The company has also made this information available on its corporate website, www.infoedge.in , for public access.

The outcome of this investigation could have implications for Info Edge's 99acres business vertical, which is a significant player in India's online real estate marketplace. Stakeholders and investors will likely be watching closely for any updates on this matter and its potential impact on the company's operations and reputation in the competitive digital real estate sector.