The curious case of Info Edge's P/E

This is the P/E chart of the famous Info Edge. As you can see, this company was trading at a price-to-earnings of around 56 times which all of a sudden dropped to around 9 times in October 2021 and further dropped to around 5 times in January 2022. In order to understand why such a fall happened, we need to understand what causes the price-to-earnings to change. The formula for price-to-earnings (P/E), as the name says, is the price of a share divided by TTM (trailing twelve months) earnings per share or EPS. P/E can change either due to a fall in the share price of the company or an increase in earnings per share of the company. As we can see in the price chart, although the price dipped a bit in the month of January, the fall was not significant enough to cause a d