Infibeam Avenue Loses 71 Percent Of Shares Due To Unverified WhatsApp Message

Mumbai, September 28: Internet software and services firm Infibeam Avenue lost nearly 71 per cent of shares on Friday due to a WhatsApp message which raised concerns about the online iPhone and iPad retailer’s accounting practices. The shares of the firm dipped before the Annual General Meeting which is scheduled this weekend. According to a report published in Bloomberg Quint, the message is attributed to brokerage Equirus Securities Pvt.

It is believed that the message was sent a few months ago by an Equirus analyst to some clients and resurfaced on Thursday. The WhatsApp message alleged that the company had given interest-free and unsecured loans to people. Bloomberg Quint report citing the company’s annual report that it gave unsecured, interest-free loans of 1.35 billion rupees to related firms for business operations as of March 31. WhatsApp Fake Message: Hoax Claiming to Be From TRAI Suggests Using Right Thumb Impression to Open Websites Can Leak Your Biometric Data

Meanwhile, after the markets closed today, the company accepted that it had lent to unprofitable unit NSI Infinium Global Pvt whose net worth has improved in the past two financial years. Currently, its net worth is in negative. Infibeam is an e-commerce platform in the business-to-business and business-to-consumer space. The price of its share reduced to Rs 58.45 before the close of the markets today.

In terms of equity volume, 190.11 lakh shares of the company were traded on Bombay Stock Exchange (BSE) and over 15 crore shares changed hands at National Stock Exchange (NSE) during the day. The BSE had sought clarification from Infibeam Avenues with respect reports of an interest-free loan to a subsidiary.

(The above story first appeared on LatestLY on Sep 28, 2018 10:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).