 "Eros International hits 11-month low, falls 30% in one week")
Eros International Media has dipped 10% to Rs 312, extending its previous day’s 7% fall on the NSE, on back of heavy volumes. The stock touched an intra-day low of Rs 301, its lowest level since November 2014.
Till 10:45 am, a combined 1.37 million equity shares representing 1.45% of total equity of the company changed hands on the NSE and BSE.
The stock of movies & Entertainment Company is under pressure falling 30% during current week after a global banking and financial services company cut the stock rating of the US-listed parent firm, Eros International, on last Friday. CLICK HERE TO READ FULL REPORT.
Eros International Media informed the BSE on Monday October 26, that share volatility in the US and India was based on speculative media reports.
"We would like to re-assure our shareholders there has been no material change to the previously announced strong fundamentals of the company," the firm said.
The company yet to announce its July-September quarter results said it expect to be strong second quarter results in the first half of November (specific date to follow), which will allow us to demonstrate growth in revenues, profitability and cash flow from operations.
As previously announced, we expect that the company will be free cash flow positive by the end of fiscal 2016. Our balance sheet continues to remain strong with a net debt to EBITDA ratio of under 1.58 as of March 31, 2015, it added.
Meanwhile, the market value of the stock more than halved from its record high of Rs 644 touched on July 20, 2015 in intra-day trade on the NSE.
Till 10:45 am, a combined 1.37 million equity shares representing 1.45% of total equity of the company changed hands on the NSE and BSE.
The stock of movies & Entertainment Company is under pressure falling 30% during current week after a global banking and financial services company cut the stock rating of the US-listed parent firm, Eros International, on last Friday. CLICK HERE TO READ FULL REPORT.
Eros International Media informed the BSE on Monday October 26, that share volatility in the US and India was based on speculative media reports.
"We would like to re-assure our shareholders there has been no material change to the previously announced strong fundamentals of the company," the firm said.
The company yet to announce its July-September quarter results said it expect to be strong second quarter results in the first half of November (specific date to follow), which will allow us to demonstrate growth in revenues, profitability and cash flow from operations.
As previously announced, we expect that the company will be free cash flow positive by the end of fiscal 2016. Our balance sheet continues to remain strong with a net debt to EBITDA ratio of under 1.58 as of March 31, 2015, it added.
Meanwhile, the market value of the stock more than halved from its record high of Rs 644 touched on July 20, 2015 in intra-day trade on the NSE.