Bigg Boss OTT winner Elvish Yadav, who has been booked for allegedly assaulting a YouTuber in a shopping mall, got slammed on social media in recent days for recommending a penny stock in the past.
On December 19, 2022, Yadav said he sees good short-term potential in a penny stock called White Organic Retail.
"For My Stock Market People. Added WORL@₹128-135 today to my portfolio. Looks good in short term," Yadav said on Twitter.
For My Stock Market PeopleAdded WORL@₹128-135 today to my portfolio. Looks good in short term.
— Elvish Yadav (@ElvishYadav) December 19, 2022
A day after Yadav posted the message, the stock surged 7%.
However, the stock has lost most of its value since. It fell 95% since Yadav mentioned it and is now trading at Rs 7.5.
The market cap of the stock is currently around Rs 25 crore. With low interest rates during Covid pandemic giving a boost to stock markets, shares of White Organic Retail soared. The stock soared a massive 26 times from May 2021 to February 2022. However, the trajectory has been downhill since then.
The company reported a loss of Rs 21 lakh in the quarter ended December 2023 compared to a net profit of Rs 1.42 crore in the year-ago period. No sales were reported in the quarter ended December 31 against Rs 50.58 crore in the year earlier.
Experts warned retail investors against being influenced by celebrity endorsements, citing the stock's performance as a cautionary tale.
Meanwhile, Yadav posted a clarification video on Saturday claiming that YouTuber Sagar Thakur, aka Maxtern, threatened to burn him and his family alive.
Yadav added that the incident was ''pre-planned'' as the complainant had installed hidden microphones and cameras at the place of their meeting.
However, on Sunday, Yadav shared a joyful picture of them on Instagram to suggest that they buried the hatchet. He captioned the picture, “Ek Ghar Mai Bartan Hote Hai Bajege toa sahi. Bhaichara On Top.”
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