WhatsApp rumor leads to 70pc loss in Indian Apple retailer shares
The message circulating among traders raised concerns about the firm’s accounting practices on the eve of a shareholders’ meeting.
Infibeam offered unsecured, interest-free loans of Rs 1.35 billion to related firms for business operations as of March 31, according to the annual report of the company.
The Gujarat-based firm put out a statement seeking to calm investors’ nerves, saying that “no pending information or announcement” was due that would impact its stock price.
Infibeam Avenues deals in providing software development services, maintenance, web development, e-commerce, and other ancillary services.
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