IGC’s stock tumbles toward biggest ever decline, again

IGC’s stock tumbles toward biggest ever decline, again

Shares of India Globalization Capital Inc. IGC, -36.20% 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. NBEV, -0.35% slipped 0.4%, Tilray Inc. TLRY, -6.07% lost 7.2%, Cronos Group Inc. CRON, -7.05% shed 7.7%, Canopy Growth Corp. CGC, -2.77% dropped 3.8% and Aurora Cannabis Inc. ACBFF, -0.95% gave up 2.3%. Meanwhile, Level Brands Inc.’s stock rallied 14%. The ETFMG Alternative Asset ETF MJ, -2.58% tumbled 3.1% with 27 of 33 components losing ground, while the S&P 500 SPX, -0.91% lost 1.1%.

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