CarTrade calls off consolidation talks with CarDekho parent; stock slides 5%

CarTrade Tech Ltd on Thursday said it will not pursue a proposed consolidation of its automotive classifieds business with Girnar Software Pvt Ltd, the parent company of CarDekho and BikeDekho.

In a regulatory filing, the company said the two parties have “mutually decided not to proceed with the proposed transaction at this stage”.

Earlier on November 11, CarTrade had informed stock exchanges that it was in preliminary discussions with Girnar Software over a potential consolidation opportunity in the automotive classifieds businesses in India.

CarTrade said it will continue to focus on expanding its existing businesses, including CarWale, BikeWale, OLX India and Shriram Automall, and will keep evaluating strategic opportunities in the normal course of business.

“The company will continue to pursue its strategic roadmap, drive product and technology innovation, and enhance value across its diversified ecosystem,” it added.

CarTrade also said it will continue to evaluate strategic opportunities in the ordinary course of business and will make necessary disclosures in line with SEBI regulations.

CarTrade shares declined nearly 5% and was trading at ₹3,021 apiece at around 11 am.