Business

Infibeam shares gained some ground on Monday, but were far from recovering the losses registered in the previous session.
Shares in Infibeam, an online retailer, had plunged 70.2 per cent last Friday.
During Friday's session, the company had said in a regulatory filing that there was no pending information or announcement that may impact its share price.
On Monday, Infibeam shares gained 14.2 per cent to close at Rs 67.15 on stock exchange BSE.
On the National Stock Exchange, Infibeam shares rose 12.7 per cent to settle at Rs 65.85 for the day.Shares in Infibeam had on Friday closed at Rs 58.8 apiece on the BSE, as against the previous day's closing price of Rs 197.55.
"There is no pending information or announcement from the Company which may have a bearing on the price behaviour in the scrip," Infibeam had said during market hours on the same day.( : WhatsApp message destroyed 71% of a company's value in a single day)"Some WhatsApp rumours took rounds in the market and it created panic among market participants and investors at large.
We categorically rescind such rumours which are erroneous and motivated," said Infibeam managing director Vishal Mehta, in an address to shareholders at the company's annual general meeting the next day."We would like to state that, we proactively wrote to stock exchanges to convey to our shareholder and stakeholders that we are fully compliant, and that there is no pending information or announcement from the Company which may have a bearing on the price behaviour in the scrip," he said.The company's revenue in financial year 2017-18 increased 90 per cent to Rs 839 crore.
Its profit after tax doubled to Rs 88 crore during the year, Mr Mehta said."We are clueless, about what went wrong with our share price in the stock market.
When working of the company is strong and prospects are brighter than ever before, is market ignoring fundamentals" he said.





Unlimited Portal Access + Monthly Magazine - 12 issues


Contribute US to Start Broadcasting - It's Voluntary!


ADVERTISE


Merchandise (Peace Series)

 


Adani Group Posts Stellar 2024-25 Performance; EBITDA Hits All-Time High


Indian Economy Remains Resilient Amid Trade Tensions, Policy Uncertainty: RBI Report


Sensex Tanks 720 Points In Early Trade, Nifty Down 220 Points


Sensex Jumps 800 Points, Market Bounce Back On Buying Bank Stocks


India Well-Positioned To Deal With Negative Effects Of US Tariffs: Moody's


Sensex Up 267 Points, Market Bounce Back On Buying In Bank Stocks


Piccadily Becomes The 1st Indian Alcobev Company To Adapt NFC Technology To Combat Counterfeiting


[Business] - Filing Guide And Full List Of Deadlines


Stock Market Opens Flat Amid Mixed Global Cues


Sensex Falls 231 Points, Nifty Downs 49 Points Amid Mixed Global Cues


Adani Defence, Sparton Sign Deal To Make Anti-Submarine Sonobuoys In India


Sensex Jumps 1,000 Points, Nifty Breaches 25,000 After Trading Flat Till Noon


Wholesale Inflation Falls To 0.85% In April


UnitedHealth CEO Andrew Witty Suddenly Steps Down Deepening Crisis


Sensex Up 281 Points As Retail Inflation Drops To 6-Year Low In April


Sensex Slips 1,000 Points A Day After Record Rally, Nifty Down 200 Points


Sensex, Nifty Clock Best Single-Day Rally In 4 Years After Ceasefire Deal


Adani Power Wins Contract To Supply 1,500 MW Electricity To Uttar Pradesh


Midcap Stocks Effects Amid Mixed Global Cues


Comments (0)

    Attach images by dragging & dropping or by selecting them.
    The maximum file size for uploads is MB. Only files are allowed.
     
    The maximum number of 3 allowed files to upload has been reached. If you want to upload more files you have to delete one of the existing uploaded files first.
    The maximum number of 3 allowed files to upload has been reached. If you want to upload more files you have to delete one of the existing uploaded files first.
    Posting as