SITI Networks hits over four-year low; stock falls 14%

On February 28, HDFC Asset Management Company A/c HDFC Mutual Fund sold 2% stake or 5.86 million shares of SITI Networks through open market.

SITI Networks hit an over four-year low of Rs 15.70, down 14% on the BSE in intra-day trade, on back of heavy volumes. The stock is trading at its lowest level since September 2013.

In past six trading sessions, the market value of Essel Group Company declined 19% after the HDFC Asset Management Company A/c HDFC Mutual Fund sold more than 2% stake or 5.86 million equity shares of the company through open market.

On February 28, 2018, the aggregate holding of the Schemes of HDFC Mutual Fund in the company has decreased by 2.01% to 3.98% after offloading stake in open market.

HDFC TaxSaver and HDFC Equity Fund had a combined 5.99% stake before the sale, SITI Networks said in a regulatory filing.

The name of the buyers not ascertained immediately.

SITI Networks (formerly known as "SITI Cable Network") is a part of the Essel Group, which is one of India's leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and education.

At 11:31 am; SITI Networks was trading 8% lower at Rs 16.80 on the BSE as compared to 0.3% rise in the S&P BSE Sensex. The trading volumes on the counter surged more than five-fold with a combined 1.8 million shares changed hands on the BSE and NSE so far.

Meanwhile, Dish TV India too down 3% at Rs 68.10, quoting close to its 52-week low of Rs 68 touched on October 24, 2017 in intra-day trade on the BSE.