There is a buying resurgence of sorts on the counter of Infibeam Avenues. After being beaten down to pulp on Friday, the stock is currently the top gainer on the BSE, up 17.5% at Rs.70.55.
On Friday, India’s only listed e-commerce firm Infibeam and the parent of payment gateway company CCAvenue fell by a jaw dropping 70% on the back of rumours.
The news is that brokerage firm, Equirus Securities put out on WhatsApp claiming that Infibeam had given interest-free and unsecured loans to a unit with negative net assets. Given the kind of atmosphere of suspicion and mistrust in the air currently, traders did not wait for any official word from the company and dumped the stock.
The company issued a clarification after market hours and clarified that it had given interest-free unsecured loans to wholly-owned subsidiary NSI lnfinium Global Pvt. Ltd, which owns and operates flagship portal, www.infibeam.com.
The company did acknowledge that NSI’s net worth was negative but got legal opinion that the loans do not fall foul of the Companies Act.
There was another rumour that it has classified one of its co-founders as a non-promoter. Issuing clarification on this, the company said that there was no change in the promoters from the list of promoters identified and disclosed by the company in the offer document for its Initial Public Offering.