Inox predicts suboptimal operations in future due to lower discretionary spending
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Media stocks tumble after the black Friday
indiantelevision.com Team
MUMBAI: The global scare of another economic crisis fuelled by huge debt of Uncle Sam has also hit Indian bourses and how.
Even as the Bombay Stock Exchange (BSE) closed at 16,857.91 points, just 0.78 per cent down today, the bear- run, which started on Friday last, is continuing.
And among the media entities, every single listed company has seen erosion in the scrip.
As per data collected from the BSE, Reliance ADAG‘s Reliance MediaWorks (RMWL) is the worst hit. In the last three days, the share price dropped by 16 per cent. On Tuesday, it closed at Rs 95.9 per share, as compared to a closing price of Rs 111.35 on Thursday, 4 August.
Following RMWL, there is another multiplex operator, Cinemax, which has seen a 15.47 per cent fall in the scrip price. The shares closed at Rs 30.7 apiece. The closing price for 4 August was Rs 35.45.
Other companies, which lost over 10 per cent of their share value, are BAG Films and Media, Wire & Wireless (India) Ltd (WWIL), Next Mediaworks (earlier Mid-Day Multimedia), NDTV and Fame Cinemas.
Network18 saw erosion of 9.2 per cent, while Hathway Cable & Datacom shares tumbled 8.26 per cent on Tuesday, compared to Thursday last. Zee News Ltd, Den, TV18 and PVR all lost over six per cent of the scrip over the three days.
Meanwhile Balaji Telefilms and HT Media lost just over 5 per cent scrip value when compared with Thursday closing price.
Among the least affected companies were Jagran Prakashan, which saw just 0.9 per cent dip. The shares of company closed at Rs 112.4 on Tuesday, compared to Rs 113.4 on last Thursday. Even UTV Software Communications did not see any change, as it was screened by the Walt Disney‘s offer for buyback. UTV shares closed Monday at Rs 953, down 0.91 per cent from Rs 961.7 on Thursday.
Zee Entertainment Enterprises Ltd (Zeel) also saw just 0.96 per cent drop, to Rs 125.5 per share.
Meanwhile, Dish TV lost 4.11 per cent, followed by Entertainment Networks (India) Ltd (ENIL), Hinduja Ventures, TV Toda, Inox Leisure, Reliance Broadcast Networks Ltd (RBNL) and Sun TV.
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