The share price of Infibeam Incorporation tumbled 40% in just 30 minutes of trading in the early session on Friday. The shares of Infibeam Incorporation witnessed a massive downslide on Friday morning for the reasons yet unknown. The stock of Infibeam Incorporation opened marginally lower at Rs 163.4, down by 0.75% but within minutes of trade at around 9:48 am, shares of Infibeam Incorporation plunged 40% to Rs 98.8 on BSE while the share made a low of Rs 98.3, down by 39.98%. The shares of Infibeam Incorporation made a 52-week high of Rs 195.75 on 6 November 2017 while it made a 52-week low of Rs 87 on 25 September 2017 on BSE. A heavy trading volume has been observed in the shares of Infibeam Incorporation as more than 3.5 crore shares exchanged hands on both BSE and NSE with about 3 crore shares on NSE alone. Infibeam Incorporation held a market capitalisation of Rs 8,958.17 crore as per yesterday’s closing price of Rs 164.65 which came down to Rs 5,375.45 crore (at Rs 98.8).
After a massive drop in the share prices of Infibeam Incorporation, the stock recovered partially but was still trading in the red. At the time of writing, Infibeam Incorporation shares were trading 23% down at Rs 127 on BSE and 22.5% down at Rs 126.9 on NSE.
Meanwhile, India’s stock market opened little higher on Friday — the last trading day of 2017 — with the key equity indices Sensex and Nifty nearing their respective all-time highs. BSE Sensex gained 41.36 points to open at 33,889.39 and NSE Nifty added 14.45 points to open at 10,492.35. The key equity indices Sensex and Nifty have returned 28-29% in the last 12-months period. Earlier on 27 December 2017, BSE Sensex made a lifetime high of 34,137.97 while NSE Nifty marked a high of 10,552.4. In the wee hours of trading on Friday, Sensex ticked up 138.04 points to hit a day’s high at 33,986.07 whereas Nifty inched up 37.5 points to hit the day’s high at 10,515.4. Shares of Tata Steel, Power Grid, L&T, Adani Ports, SBI, Sun Pharma, NTPC, Axis Bank were the notable gainers on Friday. Shares of Anil Ambani’s telecom company RCom jumped nearly 35% to hit a 52-week high within just minutes of trade after Mukesh Ambani’s Reliance Jio has finally sealed the deal with younger brother Anil Ambani to purchase troubled RCom’s towers and fibre on Thursday.