Just Dial share price slipped more than 3 percent on Wednesday ahead of its second-quarter earnings announcement. This will be the first earnings announcement after billionaire Mukesh Ambani-led Reliance Retail acquired sole control of the 25-year-old firm Just Dial in September. The firm's subsidiary Reliance Retail Ventures Ltd (RRVL) had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore.

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In the first quarter of FY22, Just Dial had reported a net loss of Rs 3.5 crore against a net profit of Rs 83 crore in the same period last year. This was on the back of Rs 50.5 crore spending on advertising during the quarter in IPL 2021 to promote the new B2B platform, JD Mart, the company said. Its revenue came in at Rs 165 crore for the quarter.

On July 20, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani, founder and chief executive of Just Dial, in a block deal.

Then in September, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1,022.25 per equity share, representing 25.35 percent of share capital, to RRVL. Together, RRVL now holds 40.90 percent in Just Dial.

“The acquirer (RRVL) is making this open offer to acquire from the public shareholders up to 2,17,36,894 equity shares, constituting 26 percent of the emerging voting capital (offer size) at an offer price of Rs 1,022.25 per offer share (offer price)...," a public notice said.

RRVL's offer to buy an additional 26 percent stake in Just Dial at a price of Rs 1,022 closed on October 6.

The stock was down 3.17 percent trading at Rs 882.65 on the BSE at 3:02 pm, whereas it traded 3.30 percent lower at Rs 881.90 apiece on NSE.

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(Edited by : Ajay Vaishnav)