Why did IndiaMART shares tank 18% today?

Shares of IndiaMART InterMESH tanked 18% on Monday after its Q2 earnings report sparked a cautious outlook from analysts. While the online B2B marketplace reported 95% year-on-year jump in profit, collections growth slowed significantly from 14% last year to just 5%. Following this, Jefferies downgraded IndiaMART from 'buy' to 'underperform', cutting the stock's target price to ₹2,540 from ₹3,890.

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