Infibeam Avenues cracks 53%, falls to 52-week low in morning trade

Ahead of its annual general meeting on Saturday, the shares of Infibeam Avenues dropped as much as 53.65 per cent to Rs 92.60 on Friday from its previous day close of Rs 200.35.

The share opened 4 per cent lower at Rs 180.35 in the morning trade before it scaled to one-year low at Rs 92.60. Over 41 lakh shares of Infibeam changed hands so far in the early trade against its 2-week average quantity of 10.87 lakh shares on BSE, an ET report said.

"With reference to the current movements in share price of the company, we would like to clarify that all the material information, that have a bearing on the operation/performance of the company, which include all price sensitive information under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), have always been disclosed by the Company within the stipulated time," the company said in a regulatory filing on Friday.

The company wrote it has always "provided timely clarification/information sought by the Stock Exchanges. There is no pending information or announcement from the Company which may have a bearing on the price behaviour in the scrip".

Infibeam Avenues provides software development solutions for e-commerce platforms, including B2C e-retail sites. Infibeam has also entered into various strategic partnerships with vendors and service providers, other e-commerce marketplaces as well as telecom operators, media companies, and payment gateway service companies aimed at low-cost customer and vendor acquisition.

The BSE Sensex had plummeted over 1,100 points in the afternoon session on September 21 when the stock of Dewan Housing Finance Corporation (DHFL) fell 59.67 per cent or 364 points to a new low of 246.25 while Indiabulls Housing Finance dived nearly 30 per cent.

The DHFL stock closed on Rs 290.20 at the end of Thursday's trade, and opened higher at Rs 296.08 on Friday. The share plunged to Rs 264 in the morning trade, and at the time of filing the report, the stock was trading at Rs 280.15.