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Infibeam Avenues shares fail to recover from WhatApp message shock

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Shares of Infibeam Avenues plunged about 14 percent to touched an intra-day low of Rs 45.75 on Monday. The stock has fallen more than 66 percent year-to-date.

Infibeam Avenues shares fail to recover from WhatApp message shock
Shares of Infibeam Avenues plunged about 14 percent to touched an intra-day low of Rs 45.75 on Monday. The stock has fallen more than 66 percent year-to-date.
At 12:40 pm, shares of the company traded at Rs 46.55, down 12.3 percent on the National Stock Exchange.
The smallcap IT stock has seen massive selloff in the last few weeks, declining from its 52-week high of Rs 242.80 hit on September 18 to a 52-week low of Rs 39.1 on October 1.
The stock plunged as much as 73 percent on September 28 alone after a message circulated on instant messaging app WhatApp alleged corporate governance issues in the company, according to a report by The Economic Times. The WhatsApp message was attributed to brokerage Equirus, said the report.
Barring Satyam Computers, which plunged 83 percent on January 7, 2009, no other stock has seen such a steepest single-day fall, the ET report said.
In a clarification to BSE, lnfibeam Avenues said that all the material information “that have a bearing on the operation/performance of the company which include all price sensitive information have always been disclosed within the stipulated time.”
Investors lost nearly Rs 9,200 crore worth of their investment in Infibeam, also the country's first listed e-commerce firm, as the market cap of the company declined to Rs 3,900 crore from Rs 13,105 crore.
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