WhatsApp Message Destroys 71% of Indian E-Commerce Firm’s Value
- Stock slumps by most on record before shareholder meeting
- No ‘pending information’ that may impact stock: Infibeam
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India’s Infibeam Avenues Ltd. lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised concerns about the online iPhone and iPad retailer’s accounting practices.
Speculation mounted before a shareholder meeting on Saturday after a message attributed to brokerage Equirus Securities Pvt. began to be distributed on WhatsApp, said Bhavin Mehta, an analyst at Dolat Capital Market Ltd. The message was sent a few months ago by an Equirus analyst to some clients and resurfaced on the messaging platform Thursday, people familiar with the matter said, asking not to be identified as they aren’t authorized to speak on the issue.