IGC’s stock tumbles toward biggest ever decline, again
Shares of India Globalization Capital Inc. plunged toward its biggest-ever one-day decline, as they extended their pullback following the meteoric run up after the company said it was entering the cannabidiol-infused energy drink space. The stock plummeted 37.1% in afternoon trade, the biggest decline since it went public in April 2006, amid a broad selloff in cannabis stocks. The three biggest declines have occurred over the past three sessions, including a 31.9% selloff on Wednesday and Thursday’s 27.6% dive. Before that, the biggest decline was 27.0% on Feb. 19, 2009. The current three-session losing streak follows a near six-fold run up in five days (up 458%). Among other more-active marijuana stocks, New Age Beverages Corp. slipped 0.4%, Tilray Inc. lost 7.2%, Cronos Group Inc. shed 7.7%, Canopy Growth Corp. dropped 3.8% and Aurora Cannabis Inc. gave up 2.3%. Meanwhile, Level Brands Inc.’s stock rallied 14%. The ETFMG Alternative Asset ETF tumbled 3.1% with 27 of 33 components losing ground, while the S&P 500 lost 1.1%.
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