Twitter Share Fall: Twitter is finding it very expensive to collide with the Indian government regarding the new IT rules. The Government of India has made new IT rules for all social media sites.
New Delhi: Twitter Share Fall: Twitter is finding it very expensive to collide with the Indian government regarding the new IT rules. The Government of India has made new IT rules for all social media sites. But for not following these rules, Twitter is paying the brunt of it in the form of the thinning condition of its shares. Its shares have fallen drastically.
Twitter got upset with India
Due to Twitter’s disputes with the Indian government, its stock on the New York Stock Exchange (NYSE) has lost more than 25% from its 52-week high. On June 16, Twitter also lost its intermediate status in India. The Government of India said that we have given many opportunities to Twitter to run from the new IT rules. On the New York Stock Exchange on Wednesday, Twitter’s stock fell half a percent to close at $ 59.93.
Twitter down 25% from 52-week high
However, the company’s shares showed improvement on Thursday, when IT Minister Ravi Shankar Prasad said that we are not going to ban Twitter in India. Twitter’s stock slipped from a 52-week high of $ 80.75 per share on February 26, 2021 to $ 59.93, ie 25.78% has been lost. Since February 26, Twitter has lost a market cap of $ 13.87 billion, or 22.54 percent of the market cap has been cleared.
There have been tremors before
Even before this, when Twitter got entangled with the Indian government, it got a shock. It is a matter of November 13, 2020, when Leh was shown as part of Jammu and Kashmir instead of showing the Union Territory of Ladakh, then the Government of India sent a notice to Twitter. Soon after, #BanTwitter started trending on social media, and Twitter’s shares closed down to $43.48.
What is intermediate status
According to Section 7 of the new IT Rules, if social media sites do not comply with the rules, their intermediate status is lost and the entire responsibility and responsibility of whatever content goes on the website rests with the social media website only, in this case I will be on Twitter. That is, Twitter will now be liable for action under IPC for third party illegal content in India. Earlier, Twitter had got legal protection under section 79 of the IT Act.
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