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“This bull market correction in 2022 is likely to last at least for another couple of quarters. We will have intermittent bounces that will make the market volatile. The theme is an overall correction for 2022, but the bull market is intact. When the markets undergo correction, one must have cash to implement at lower levels.”

The selling is despite the company narrowed losses drastically in the December quarter. The food delivery firm also hinted it was very close to achieving Ebitda breakeven

The Nifty IT index closed 1.45 per cent down at 33880.65.

At an intraday low of 16,809 levels erased all the gains registered between January 25 and February 2

In the international market, gold was trading marginally lower at USD 1,857 per ounce and silver was flat at USD 23.02 per ounce.

Bond yields and prices move inversely and when prices decline, banks suffer marked-to-market losses which eat into capital and profitability

Total income rose to Rs 2,025.3 crore in the third quarter of this fiscal year from Rs 1,398.6 crore in the corresponding period of the previous year, according to a regulatory filing.

“Both Q2 over Q1 and Q3 over Q2, we have grown in subscribers but the rate of growth will get accelerated as the global ad networks find a solution and work with publishers like us. The net new subscriber addition is 4% quarter on quarter which used to be 5-6% month on month and that it is purely driven by marketing spends and our ability to spend on performance.”

The board of directors of the company in its meeting also declared an interim dividend of Rs 0.75 per equity share having a face value of Rs 2 each, the company said.

“We operate in a very conservative way on our debt. But the debt has not gone; there are a lot of small adjustments here and there and we are keeping a higher inventory. That is the order of the day. So, we are not trying to run very lean at this particular moment.”