Infibeam stock dips by 71%; Investors lost 1,600 crores. Thanks to WhatsApp

Infibeam lost 71% of its market value after a WhatsApp message circulating among traders raised concerns about the e-commerce company’s accounting practices.

Investors have lost Rs 1,600 crores due to this.

According to a Bloomberg report, a WhatsApp message got circulated among the market participants which raised concerns about the accounting practices of Infibeam Avenues. The WhatsApp message alleged that the company had given interest-free and unsecured loans to its units, the Bloomberg report said citing unidentified people.

Add comment

NextBigWhat brings you curated insights and wisdom on product and growth from the wild web.

Over 2 million people receive our weekly curated insights.