Infibeam slips after ICRA revises credit rating

Infibeam Avenues fell 4.04% to Rs 40.35 after credit ratings agency, ICRA, revised its ratings on the company's long term fund based facilities to [ICRA] A- from [ICRA] A.

The downgrade was due to moderation in margins while scaling up certain new business segments. The announcement was made during market hours today, 30 September 2019.

Meanwhile, the S&P BSE Sensex was down 375 points or 0.97% to 38,447.74.

On the BSE, 3.36 lakh shares were traded in the counter so far compared with average daily volumes of 3.65 lakh shares in the past two weeks. The stock hit a high of Rs 41.65 and a low of Rs 40 so far during the day.

The stock hit a 52-week high of Rs 190 on 28 Sep 2018. The stock hit a 52-week low of Rs 27.65 on 29 Oct 2018.

On a consolidated basis, the e-commerce company's net profit rose 112.4% to Rs 28.06 crore on a 27.2% decline in net sales to Rs 185.52 crore in Q1 June 2019 over Q1 June 2018.

Infibeam Avenues (IAL) is a leading digital payments and e-commerce technology platforms company and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms. The company provides solutions to merchants, enterprises, corporations and governments in both domestic as well as international markets to enable online commerce.

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