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Predictive messages about Indian cos results circulate in WhatsApp groups

A message circulated to a private WhatsApp group saying the Indian drugmaker, Dr Reddy's would not post good numbers


Three days before Dr. Reddy's Laboratories Ltd announced quarterly results this summer, a message circulated on a private WhatsApp group saying the Indian drugmaker would not post good numbers. Dr. Reddy's was going to report a loss, according to the message on the "Market Chatter" group, which was posted on July 24 from a mobile phone number that Reuters traced back to Nishant Vass, an auto analyst at ICICI Securities, a leading Indian brokerage. The WhatsApp group had 45 members, mostly traders. The loss would have been a surprise to many analysts, as ...

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First Published: Fri, November 17 2017. 00:21 IST