According to data from the New York Stock Exchange, Block Inc's shares are currently down by 19 per cent and the company's stock is trading at $58.
Even though the company block of ex-Twitter chief Jack Dorsey is very small, but due to the allegations made by Hindenburg, the company may lose about 80 thousand crore rupees i.e. 9 to 10 billion dollars in the stock market in a short time. Already happened. Shares of the company are witnessing a decline of more than 20 per cent and the market cap of the company has come down below $40 billion. Hindenburg has accused the company of greatly exaggerating the number of its users and that there are many flaws in its app.
Shares of the company fell by more than 22 percent
According to data from the New York Stock Exchange, Block Inc's shares are currently down by 19 per cent and the company's stock is trading at $58. However, during the trading session, the company's stock fell by more than 22 percent to $ 56.50. By the way, the company's stock opened after the Hindenburg report and opened at $60. The company's stock had closed at $72.65 a day earlier.
Big loss to the company's market cap
Due to the fall in the stock, there has been a big decline in the market cap of Block Inc. A day ago the company's market cap was close to $ 47 billion. Which has come close to $ 37 billion during the business session. This means that in a few minutes, 9 to 10 billion dollars i.e. about 80 thousand crore rupees have been destroyed from the market cap of the company. For a company like Block, the sinking of such a huge amount is considered a big deal.
Adani had suffered a huge loss
Gautam Adani suffered a huge loss after the Hindenburg report. The effect of which was seen for about a month. Adani Group's market cap decreased by $ 150 billion in about a month. Hindenburg Research had alleged that Adani had committed the biggest corporate fraud in history. The short seller had said in his allegation that Adani increased the shares with the help of shell companies and also committed many types of accounting frauds.
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