Mumbai: Shares of Infibeam Avenues Ltd tumbled nearly 70% today, ahead of its annual general meeting (AGM) on Saturday, and failed to recover even after a clarification by the company on disclosures. Infibeam shares fell as much as 72.76% on BSE to Rs 53.80. At 3.22pm, Infibeam shares were down 71.60% to Rs 56.10 on the BSE, while the benchmark Sensex was down 0.84% to 36,020 points. The scrip had opened 3.82% lower at Rs 190. As many as 161.33 lakh shares changed hands on the BSE, as against the two-week average of 10.87 lakh shares.
In a clarification to exchanges, the company said all material information having a bearing on the performance of the company, including all price sensitive information, had been disclosed within the stipulated time.
“The company has always provided timely 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 of the scrip,” Infibeam said in an exchange filing.
Ahmedabad-based Infibeam provides software development services, maintenance, web development, e-commerce and other ancillary services. The company went public in March 2016.