Eros International dips over 25% intra-day post clarification

At 1440 hours, the stock was locked at the lower circuit of 20% at Rs 431, declining 28% from its intra-day high on the NSE.

Shares of Eros International Media are locked at the lower circuit of 20% at Rs 431, declining 28% from their intra-day highs on the NSE, after the company clarified that the “Eros Now" is owned by its ultimate parent company viz. Eros International PLC.

The stock of Eros International Media had touched a record high of Rs 598 early this morning on the following news reports: 'Eros in talks to sell stake in unit to Fullerton' and 'Eros plans to buyout of Times Group’s Box TV.'

"We hereby clarify that both the news reports do not pertain to Eros International Media Limited. “Eros Now" is owned by our ultimate parent company viz. Eros International PLC,” Eros International said in a BSE filing.

We continue to evaluate strategic opportunities as part of ongoing business operations and confirm that Eros International Media Limited has neither had any discussions nor signed any agreements for such opportunities (other than already disclosed to the stock exchanges). We will continue to comply with the obligations under the listing agreement, the company added.

Till 1440 hours, a combined 3.09 million shares changed hands  and there were pending sell orders for 105,748 shares on the NSE and BSE.