MapMyIndia is one of the rising brands in the geo-location and web mapping platform scene. The company has attained a great deal of prominence with its B2B or business-to-business service, wherein it provides web mapping solutions to other major businesses.

Company Issues Clarification

The platform and its parent company, CE Info Systems Ltd recently made it to the headlines, thanks to its outgoing CEO Rohan Verma.

Verma, who has said that he will be quitting the position of the company CEO on March 31, 2025, while continuing to be one of the company's non-executive directors.

In addition, he also announced a bombshell announcement, that spooked investors. Rohan Verma claimed that he intends to separate the company's B2B business and start a new venture of his own.

This resulted in the company shares dropping by over 3 per cent in the intraday trade on Tuesday.

However, the company has now issued clarification, that it does not intend to back and thereby invest the reported capital of Rs 35 crore into Rohan Verma's B2C or business-to-customer venture. This could take on the like of Google Maps and Ola Maps.

At the time of writing, the shares of CE Info Systems Ltd surged by 1.42 per cent or Rs 21.90. This took the overall value of the company shares to Rs 1,560.00 per share.

MapMyIndia Shares Bounceback

This announcement appears to have assuaged investors, as the company shares have now bounced back.

After opening at Rs 1,538.00, a touch below the previous day's closing of Rs 1,538.10. Although the company shares hit a high of Rs 1,594.95, it tapered down.

At the time of writing, the shares of CE Info Systems Ltd surged by 1.42 per cent or Rs 21.90. This took the overall value of the company shares to Rs 1,560.00 per share.  

Rise After Fall

In the past 5 trading sessions, the cumulative fall has accounted to a decline of 11.01 per cent.

The company currently claims to have an expansive clientele, including the likes of McDonald's, Eatfit, Amazon, Paytm, Indian Government's Umang and PhonePe