Yesterday, we have seen the panic in Stock Market due to a WhatsApp message before AGM of Infibeam. Infibeam Avenues Ltd, erstwhile Infibeam Incorporation, is a leading e-commerce and payments solutions supplier to businesses and also the government.
E-commerce platform Infibeam Avenues lost over Seventy one (71%) of its stock on Friday when a WhatsApp message spooked investors regarding the firm’s accounting practices on the eve of its annual shareholders’ meeting.
Shares of the Gujarat-based e-tailer dives to the bottom of Rs 53.80 after the Fake News rumored again on WhatsApp, before closing at Rs 58.70 per security.
The message was sent many months ago by an analyst at brokerage Equirus Securities to some purchasers and resurfaced on the electronic messaging platform on weekday. The text aforementioned that the net merchandiser of Apple phones and tablets has given interest-free, unsecured loans to a subsidiary with a reimbursement arrange of over eight years. “There are problems within the company’s balance sheets,” an analyst aforementioned.
A proponent for Equirus processed, “We have solely discharged a post-conference note. There has been no report from our endways the corporate.”
In a restrictive clarification, Infibeam said it has given interest-free unsecured loans to NSI lnfinium Global, its wholly owned subsidiary, since inception. “These are short-term loans, repayable on demand. As of March 31, the closing balance of the loan to NSI is Rs 135 crore, it said.
The panic over Infibeam was triggered by a previous message that resurfaced on WhatsApp weekday. It aforementioned there have been “issues within the company’s balance sheets”. Sources aforementioned the firms business executive had stepped down
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