Mercantile Communications Pvt. Ltd on Sunday announced shutdown of Nepalnews.com , the first online portal of Nepal, citing huge loss to the company from news business.

The parent company announced the decision after the journalists took to agitation demanding job security and other facilities reports Ekantipur.

Chairman of Mercantile Communications, Sanjib Raj Bhandari, wrote an email to Admin Manager Madhu Amatya informing about the closure of the news portal with immediate effect saying the portal was in loss.

Eighteen employees including journalists, technicians and administrative staffers have been rendered jobless following the suspension.

Could not carry loss: Management

Chairman Bhandari posted an online notice stating that the online news portal was not their mainstream business and it is time for them to concentrate on their core activities in technology business.

He also mentioned that they were unable to continue due to loss in the sector and obligation to finance it from their other businesses.

The notice also stated, although the news upload has been suspended but the streaming of TV, FM and weeklies will continue and the archived contents will also be available.

Management foul play: Journos

“The management has announced only the suspension of news upload with the intention to bid farewell to journalists,” said a journalist working for the portal for a long time. “They have not announced the closure of website. It seems like the management is trying to oust the journalists only.”