MUMBAI: Indian e-commerce firm Infibeam Avenues lost around 70 per cent of its market value on Friday, reportedly after investors were spooked by a WhatsApp message.

The message circulating among traders raised concerns about the firm’s accounting practices on the eve of a shareholders’ meeting, Bloomberg News reported, sparking the major selloff of its shares.

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.

But this failed to assuage fears as the stock nosedived further to close down 70.24pc at 58.80 rupees.

The WhatsApp message was sent a few months ago by an analyst to some clients and resurfaced on the messaging platform on Thursday, Bloomberg quoted unnamed sources as saying. The firm was scheduled to have its AGM on Saturday.

Published in Dawn, September 29th, 2018