What went wrong in Infibeam Avenue? Share price plunges 73% today, invetsors at wits' end
Investors dumped Infibeam shares, causing it to plunge by a massive 73% with an intraday low of Rs 53.80 per piece, which was also its all-time low.
It was madness when it came to trading in e-commerce conglomerate Infibeam Avenues Limited. The share price of Infibeam was not even near to half of its previous market price of Rs 197.55. Investors dumped Infibeam share price, causing it to plunge by a massive 73% with an intraday low of Rs 53.80 per piece, which was also its all-time low. However, the share price managed to end at Rs 58.80 per piece down by Rs 138.75 or 70.24%.
With this performance Infibeam, has now plunged by nearly 78% in a year. It was only on September 18, where the company soared to a new high of Rs 242.80 per piece. While today’s performance was something that Infibeam would have never expected.
The reason behind such huge panic, was on the back of rumours that alleged at Infibeam having advanced interest-free loan to a subsidiary, which has negative net asset.
The clarification has been sought from Sensex, and the reply is awaited.
However, in early hours, Infibeam did issue a notification over the sudden depression in their stock behaviour.
In the notification, Infibeam said, “All the material information, that have a bearing on the operation/performance of the Company which include all price sensitive information under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), have always been disclosed by the Company within the stipulated time.”
It added, “ Further, the Company has always provided timely clarification / information sought by the Stock Exchanges. There is no pending information or announcement from the Company which may have a bearing on the price behaviour in the scrip.”
Infibeam is involved in digital payments, online retailing, e-commerce software and internet services.