Mumbai: Markets regulator Sebi is likely to start an investigation into the steep fall in the shares of Infibeam Avenues, which had crashed 70 per cent on September 28 after a WhatsApp message alleged the company gave interest-free and unsecured loans to a subsidiary with a repayment tenure of over eight years.
“A false WhatsApp message may have created panic in the market, in turn triggering the fall in stock price. SEBI may start an investigation to find out the truth,” according to sources. The WhatsApp message, allegedly attributed to brokerage Equirus Securities, raised questions on Infibeam’s accounting policies and corporate governance.
The message also suggested that the co-founder continued to be a large investor in the company as non-promoter. Infibeam Avenues, the operator of e-commerce firm Infibeam and the parent of payment gateway company CCAvenue, saw more than Rs 9,000 crore getting wiped out from its market capitalisation in a single session on September 28.