Reliance MediaWorks off 9.6% in 2 days after setting record date for rights issue

Reliance MediaWorks was locked at 5% lower circuit at Rs 52.90 at 9:54 IST on BSE, with the stock extending Tuesday's 5% slide triggered by the company setting 24 July 2013 as the record date for the rights issue of equity shares.

Meanwhile, the S&P BSE Sensex was up 92.74 points or 0.47% at 19,943.97.

On BSE, 2,236 shares were traded in the counter as against average daily volume of 73,374 shares in the past one quarter.

The stock hit a high of Rs 53.30 so far during the day. The stock had hit a 52-week high of Rs 103.80 on 3 December 2012. The stock had hit a 52-week low of Rs 41.80 on 25 June 2013.

The stock had outperformed the market over the past one month till 16 July 2013, surging 21.51% compared with the Sensex's 3.51% gain. The scrip had also outperformed the market in past one quarter, jumping 11.75% as against Sensex's 5.9% rally.

The small-cap company has equity capital of Rs 23.06 crore. Face value per share is Rs 5.

Shares of Reliance MediaWorks have declined 9.64% in two trading sessions from Rs 58.55 on 15 July 2013, after the company after market hours on 15 July 2013 said its board has fixed 24 July 2013 as the record date for the rights issue of equity shares in the ratio of 13 equity shares for every 4 equity shares, at an issue price of Rs 40 per share. The stock had tumbled by the maximum permissible level of 5% to settle at Rs 55.65 on Tuesday, 16 July 2013.

Reliance MediaWorks reported consolidated net loss of Rs 219.20 crore in the quarter ended 31 March 2013, higher than net loss of Rs 154.15 crore in the quarter ended 31 March 2012. Net sales declined 18.95% to Rs 140.55 crore in the quarter ended 31 March 2013 over the quarter ended 31 March 2012.

Reliance MediaWorks is a film and entertainment services company.

Powered by Capital Market - Live News