Do You Know India’s First Profitable E-commerce Company Lost its 71% Value in One Day
Indian internet and e-commerce conglomerate Infibeam which is one of the most important companies in the country has lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised issues about the e-commerce company’s accounting practices.
The stock of the company collapsed as much as 73 percent before closing 71 percent lower at 58.45 rupees on Friday.
The WhatsApp message was sent a few months ago by an Equirus analyst to some clients. This was told by people familiar with the matter asking not to be revealed as they aren’t authorized to speak on the matter.
The fall in the valuation induced the company to make a voluntary clarification or explanation to the exchanges stating that there was no pending information or announcement tha...