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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.