Shares of Eros International Media continued to face massive selling pressure Friday and plummeted 15 per cent despite the company's clarification regarding CARE ratings action.
The scrip cracked 14.41 per cent to close at Rs 45.45 on the BSE. During the day, it plummeted 19.96 per cent to Rs 42.50 -- its 52-week low.
On the NSE, shares of the company plunged 15 per cent to close at Rs 45.15.
The scrip had fallen nearly 20 per cent on Thursday too.
Credit Analysis and Research Ltd (CARE) had on Wednesday revised the ratings assigned to the bank facilities of the company to "CARE D".
In a filing to BSE Thursday, Eros said, "In reference to intimation made by the company to the stock exchanges on June 5, 2019, regarding CARE D ratings assigned, we would like to clarify that this is on account of a delay in servicing of bank loans for the month of April 2019 and May 2019 and will be cleared within the next seven working days."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app