Will look into m- cap rout, Infibeam to shareholders
Infibeam Avenues on Saturday assured shareholders that the firm was looking into Friday’s 70 per cent erosion in share prices, at the company’s annual general meeting (AGM) here.
Infibeam Managing Director Vishal Mehta made the statement at the beginning of his presentation. The topic did not come up for discussion later. Instead, the AGM stuck to its agenda on regular matters of appointments and reappointments of directors, apart from seeking approval for raising the authorised capital to ~900 million from ~680 million.
According to people who attended the AGM, shareholders, too, refrained from raising questions over how the listed company lost 70 per cent of its market value on a single day after a WhatsApp message raised concerns about its accounting practices.
“Shareholders are still confident of the company’s financial and growth strategies. Hence, no one raised questions. However, Mehta did make a passing reference at the beginning of his speech and assured shareholders that the company was looking into the matter,” said a person on the condition of anonymity. Rather, Mehta’s presentation to shareholders focused on how the company was making progress after Infibeam had clocked 90 per cent growth in consolidated revenue to close at ~8.39 billion in FY18.