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Bigg Boss OTT 2 winner Elvish Yadav's penny stock recommendation plunges by 95%
Elvish Yadav, the winner of Bigg Boss OTT 2, is currently embroiled in controversy. After being accused of assaulting a YouTuber, he faces widespread criticism for endorsing a penny stock. Read on!
Elvish Yadav, winner of Bigg Boss OTT 2 and a prominent social media personality, has recently become entangled in controversy. After being accused of assaulting a YouTuber in a shopping mall, he has faced widespread criticism on social media in recent days for previously endorsing a penny stock.
Stock endorsement and its fallout
On December 19, 2022, Yadav mentioned that he thinks a penny stock called White Organic Retail has good potential in the short term. Yadav shared on Twitter, "For My Stock Market People. Added WORL@₹128-135 today to my portfolio. Looks good in the short term."
The day after Yadav shared the message, the stock experienced a 7 percent surge. Unfortunately, the stock has witnessed a significant decline, losing 95 percent of its value since Yadav's mention and currently trading at Rs 7.5. The current market capitalization of the stock stands at around Rs 25 crore. Initially, the stock saw a remarkable surge, escalating 26 times from May 2021 to February 2022, thanks to low-interest rates during the Covid pandemic that boosted stock markets. However, the stock's trajectory has been on a downward slope since then.
In the last quarter of 2023, the company faced a loss of Rs 21 lakh, whereas it had made a profit of Rs 1.42 crore in the same period the previous year. Also, there were no sales reported in the latest quarter, compared to Rs 50.58 crore in sales during the same period the year before. Experts cautioned everyday investors to be wary of celebrity endorsements, pointing to the stock's performance as a lesson to be careful.
Elvish Yadav's reconciliation with Sagar Thakur
Meanwhile, Yadav shared a video on Saturday explaining that YouTuber Sagar Thakur (Maxtern) threatened him and his family. Yadav said the incident was planned, with hidden microphones and cameras installed by Thakur. However, on Sunday, Yadav posted a happy picture with Thakur on Instagram, suggesting they've sorted things out. He captioned the photo, "Ek Ghar Mai Bartan Hote Hai Bajege toa sahi. Bhaichara On Top. (Every house has its noise, but that's okay. Brotherhood On Top.)."
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