Zomato Layoffs Erase $360 Million From India’s Info Edge
Photographer: Indranil Mukherjee/AFP via Getty Images
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Info Edge India Ltd. saw its market value erode by about 26 billion rupees ($360 million) after a news report said a food-delivery unicorn the job-posting website is invested in fired more than 500 employees.
Zomato Media Pvt., in which Info Edge holds a 26.38% stake, laid off 541 people Sept. 7, the Business Standard newspaper reported Sunday. Info Edge shares, which rose 1% Sept. 9, have since fallen 10% as investors saw the layoffs as a sign the slowdown in consumption is spreading.