Eros Int erases initial gains; stock down nearly 3 pc

Shares of Eros International Media gave up all the initial gains and ended with nearly 3 per cent losses, as stock markets dipped sharply following 'surgical strike' by India on terror launching pads across the LoC.
The stock went down by 2.55 per cent to settle at Rs 204.35 on BSE. Intra-day, it had gained over 5 per cent to Rs 220.50 after the entertainment firm said it has tied up with UAE's largest film distribution and exhibition network, Phars Film.
On NSE, the stock fell by 2.66 per cent to settle at Rs 204.20.
On the volume front, 1.57 lakh shares were traded on BSE and over 8 lakh shares changed hands on NSE during the day.

Following massive selling pressure, stock market benchmark Sensex today plunged 465.28 points or 1.64 per cent to close at 27,827.53, the biggest single-day fall in three months.
Eros International Media yesterday announced its association with Phars Film.
The partnership allows the two companies to jointly co-produce Malayalam films and explore theatrical rights between themselves, the company said in a BSE filing.
The deal licences Eros to tap distribution of all Malayalam movies produced jointly in India while Phars Film will present the same overseas where it enjoys a dominant market share, it added.