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Shares of Sun TV Network, Ashok Leyland, Force Motors, Deepak Fertilisers and Chemicals, Sun Pharmaceutical Industries, Sun Pharma Advanced Research (SPARC), Nilkamal and Jamana Auto Industries were among eight stocks from the S&P BSE 500 index hit their respective 52-week lows on the BSE on Friday.
Shares of Sun TV Network hit a two-year low of Rs 514, down 9 per cent on the BSE, on back of heavy volumes. The stock of broadcasting & cable TV operator was trading at its lowest level since January 3, 2017.
In past one year, the stock has underperformed the market by falling 50 per cent, on the back of concerns over the shift in viewership towards Over-the-Top (OTT) and perceived under-investments in OTT and rising competition in core markets. In comparison, the S&P BSE Sensex was up 2.8 per cent during the same period.
Sun TV Network had posted weaker-than-expected operating results with subdued advertisement growth in September quarter. “Concerns over rising competitive intensity have heightened, with aggressive content strategy by Star, Colors and Zee in the Tamil genre notwithstanding Sun’s intent to counter the same. We also remain concerned about the company’s strategy of steep spending in movie production and its intent to continue the same ahead,” analysts at ICICI Securities said in Q2FY19 result update.
Shares of Sun TV Network hit a two-year low of Rs 514, down 9 per cent on the BSE, on back of heavy volumes. The stock of broadcasting & cable TV operator was trading at its lowest level since January 3, 2017.
In past one year, the stock has underperformed the market by falling 50 per cent, on the back of concerns over the shift in viewership towards Over-the-Top (OTT) and perceived under-investments in OTT and rising competition in core markets. In comparison, the S&P BSE Sensex was up 2.8 per cent during the same period.
Sun TV Network had posted weaker-than-expected operating results with subdued advertisement growth in September quarter. “Concerns over rising competitive intensity have heightened, with aggressive content strategy by Star, Colors and Zee in the Tamil genre notwithstanding Sun’s intent to counter the same. We also remain concerned about the company’s strategy of steep spending in movie production and its intent to continue the same ahead,” analysts at ICICI Securities said in Q2FY19 result update.
