Eros International locked in lower circuit; tanks 10%

Since October 23, the stock tanked 43% from Rs 438 to Rs 249 on the NSE.

Shares of Eros International Media have locked in lower circuit of 10% at Rs 249 on the NSE on reports that US attorneys have started investigating of the US-listed parent firm Eros International Plc. CLICK HERE TO READ FULL REPORT.

The BSE said that it has sought clarification from Eros International Media with reference to the news appeared in The Times of India, November 02 , 2015 - "US law firms launch investigations into Eros."

The reply is awaited.

The stock is remain under intense selling pressure despite the company clarified that share volatility in the US and India was based on speculative reports.

Since October 23, the stock has tanked 43% from Rs 438 after a global banking and financial services company cut the stock rating of the Eros International Plc. The CNX Nifty declined 3.5% during the same period.

Meanwhile, Skagen Kon-Tiki Verdipaprirfond, the foreign institutional investor has sold 805,427 shares or 0.86% stake of Eros International Media at an average price of Rs 298.89 per share, the NSE bulk deal data shows.

As of September 30 2015, Skagen Kon-Tiki Verdipaprirfond held 2.61 million or 2.8% stake in the company.

However, the seller(s) of the shares could not be ascertained immediately.

Till 11:48 AM, a combined 294,171 shares changed hands and there were pending sell orders for 489,515 shares on the BSE and NSE.