Television Eighteen India today announced that Web18, its internet and mobile arm, has entered into an agreement to sell all its shares in Jobstreet.com India to Jobstreet.com, Singapore on the basis of the net tangible assets value of Jobstreet.com India.

This sale is in line with the long term strategy of Web18 of consolidating its operations. Such sale will result in non-operating exceptional expense arising out of disposal of long term investment of approx. Rs 25 million in the financials of Web18 for quarter ending Mar. 31, 2010.

Shares of Television Eighteen declined Rs 0.45, or 0.61%, to settle at Rs 73.05. The total volume of shares traded was 154,788 at the BSE (Friday).