On Friday, Infibeam's market value was eroded by 71% within a single day. The impact was so huge that the stock crashed by upto 73% and closed at 71% lower at Rs. 58.45.
All this happened over a rumoured message creating havoc among investors which was circulating over WhatsApp just ahead of the company's investor meeting.
The message circulated over the messaging platform alleged that Infibeam had given interest free and unsecured loans of Rs. 135 crore to related firms as on March 31 as mentioned in its Annual Reports.
The weekness in the stock took further hit since the stock was closely held among investors without any institutional ownership thus creating an even more selling pressure crashing it upto Rs. 58.45.
The company had to do a voluntary clarification later to the exchanges saying that there is no pending announcement or disclosure to be made which might impact its stock prices. It further clarified that it gave interest free unsecured loan to its subsidiary NSI Infinium Global Pvt. Ltd. NSI is actually a part of Infibeam. This entity operates the flagship portal of Infibeam by providing a market place for merchants.
No comments:
Post a Comment