MapmyIndia shares plunge 14% in 2 days, hit 52 week low. Here's why
C.E. Info Systems, which operates digital map maker MapmyIndia, have plunged over 14% in just two sessions hitting a 52-week low of Rs 1,534 on Tuesday after company's CEO and Executive Director Rohan Verma informed exchanges about his plans to float a new B2C company and pick up 10% stake in it.
Verma will relinquish all executive responsibilities in the company and continue to be on the MapmyIndia board as a non-executive Director with effect from April 1, 2025, a company filing to the exchanges said.
However, Verma today told ET that parent company CE Info Systems will not invest Rs 35 crore, as was originally announced.
In sync with the company’s strategic initiatives to support and nurture innovative businesses, MapmyIndia will take 10% stake and provide an additional funding of Rs 35 crores via CCD in the new company, the filing said further.
Also Read: MapmyIndia will not invest Rs 35 crore in new B2C venture, says CEO Rohan Verma
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