Infibeam Avenues shares nosedive 71%

Shares of internet software and services firm Infibeam Avenues nosedived nearly 71 per cent Friday.

The stock crashed 70.24 per cent to settle at Rs 58.80 on BSE. During the day, it plunged 72.76 per cent to Rs 53.80 -- its 52-week low.

At NSE, shares of the company tumbled 70.82 per cent to close at Rs 58.45.

In a voluntary clarification to BSE Friday, 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".

Further, the company has always provided timely clarification/ information sought by the stock exchanges, it added.

The company also noted that there is no pending information or announcement from the company which may have a bearing on the price behaviour in the scrip.

In terms of equity volume, 190.11 lakh shares of the company were traded on BSE and over 15 crore shares changed hands at NSE during the day.

Infibeam Avenues' annual general meeting is scheduled for Saturday.

The BSE had sought clarification from lnfibeam Avenues with respect to market reports of interest-free loan to a subsidiary.

In a separate clarification Infibeam said it has given interest free unsecured loan to its wholly owned subsidiary NSI lnfinium Global Pvt Ltd since inception. These loans are short term loans which are repayable on demand and have been utilised by NSI solely for its business and operations, the filing added.

"The company believes that any increase/ decrease in volume of price or shares are purely market driven and that the company has no control over the same. The company does not comment on the market speculation," the filing said.

According to reports, shares of the company fell sharply after a WhatsApp message that raised concerns about the firm's accounting ways.

The 30-share BSE index slipped 97 points in see-saw trade to close at 36,227.14.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)