Jumia stock sheds 50pc after report links the online retailer to fraud
Africa-focused e-commerce firm Jumia is struggling to dispel allegations that it “fudged the numbers” to paint a picture of a stable business prior to listing on the New York Stock Exchange. PHOTO | FILE | NATION MEDIA GROUP
Africa-focused e-commerce firm Jumia is struggling to dispel allegations that it “fudged the numbers” to paint a picture of a stable business prior to listing on the New York Stock Exchange.
Jumia, which has operations in East Africa, has taken a beating since listing on the NYSE last month, after a report by Citron Research accused the company of fraud, a development that has resulted in its share price nosediving by over 50 per cent.
