Infibeam Avenues shares jump 14.5%

Shares of internet software and services firm Infibeam Avenues bounced back Monday as it surged 14.5 per cent after a steep fall on Friday.

The stock jumped 14.20 per cent to settle at Rs 67.15 apiece on the BSE. In intra-day trading, the scrip soared 23.21 per cent to Rs 72.45.

On the NSE, shares of the company zoomed 14.45 per cent to end at Rs 66.90.

Shares of Infibeam Avenues had nosedived nearly 71 per cent Friday.

At the annual general meeting on Saturday, Managing Director Vishal Mehta said the management and the entire team are working very hard towards the company's growth.

"Some WhatsApp rumours took rounds in the market and it created panic among market participants and investors at large," Mehta had said.

The plunge in share prices on Friday was mainly on account of "WhatsApp rumours".

"We categorically rescind such rumours which are erroneous and motivated. We would like to state that, we pro-actively wrote to stock exchanges to convey to our shareholders and stakeholders that we are fully compliant...," he had said.

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In a voluntary clarification to the BSE on Friday, lnfibeam Avenues said that all the material information "that have a bearing on the operation/ performance of the company which include all price sensitive information have always been disclosed within the stipulated time".