MapMyIndia parent jumps after scrapping decision to invest in new firm

CE Info Systems

09/12/2024 09:43

** Shares of MapMyIndia-parent CE Info Systems  CEIF.NS 
climb 14% to 1,877.60 rupees, set for fourth straight session of
gains
    ** Digital maps and geospatial software provider scraps
decision to invest in a proposed company to be formed by
outgoing CEO Rohan Verma
    ** Decision to re-evaluate investment decision taken after
receiving investors' feedback - CEIF
    ** Since CEIF's Nov. 29 decision to invest 350 mln rupees
($4.1 mln) in the proposed new unit, stock was down 5% as of
Friday
    ** Stock down 3.5% YTD

($1 = 84.6780 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))