Infibeam Avenues turns volatile; surges over 80% in intra-day trade

The stock has moved higher by 20% to Rs 70.55 on the BSE in intra-day, bouncing back 84% from its record low on of Rs 38.40 touched in early morning trade today.

Shares of Infibeam Avenues have turned volatile on Monday surging over 80% from their record low touched in early morning trade on the BSE on back of heavy volumes.

Infibeam Avenues has moved higher by 20% to Rs 70.55 on the BSE in intra-day, bouncing back 84% from its record low of Rs 38.40 touched in early morning trade today.

The stock plunged 35% in early morning trade today, tanked 82% in past three trading days from Rs 215 on Wednesday, September 26, 2018. Despite today’s gain from its record low, the stock was still down 70% in past three trading days. It hit an all-time high of Rs 243 on September 18, 2018, on the BSE in intra-day trade.

At 10:07 am; the stock was up 14% at Rs 67.10 against its Friday’s close of Rs 58.80. The trading volumes on the counter more than doubled with a combined 70 million equity shares changed on the BSE and NSE.

Infibeam Avenues on Saturday clarified that Hiren Padhya; Chief Financial Officer (CFO) is in continuation as a CFO of the Company. There is no such truth in the matter.

The company made a clarification with respect to news item as appeared in "DNA India" dated September 29, 2018, regarding resignation by CFO.

“Further DNA India has not exchanged any e-mail to confirm on the above said information with the Company. The information in the news was published unquoted from source. Also this information is also circulated on social media which is factually incorrect,” it added.

With respect to the query on interest-free loan to a subsidiary, which has negative net assets,  the Company has given an interest-free unsecured loan to its wholly owned subsidiary NSI Infinium Global Pvt Ltd ("NSI") since inception. These loans are short-term loans which are repayable on demand and have been utilised by NSI solely for its business and operations.

Further, there has been no change in the Promoters from the list of promoters identified and disclosed by the Company in the offer document for its Initial Public Offering. The company informed the same on clarification/confirmation on news item as appeared in 'Economic Times' dated September 28, 2018, captioned with 'Infibeam crashes 50% ahead of AGM! Rumours ruling market'.