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Eros International slumps after CARE downgrades ratings

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Eros International Media hit a lower circuit limit of 20% at Rs 53.10 at 10:17 IST on BSE after rating firm Care slashed its ratings on long and short-term bank facilities of the company.

The announcement was made on Wednesday, 5 June 2019.

Meanwhile, S&P BSE Sensex was down 111.03 points or 0.28% at 39,972.01

The stock hit a 52-week high of Rs 139.50 on 20 June 2018 and a 52-week low of Rs 53.10 on 06 June 2019 on BSE. The counter clocked 48,000 shares so far as against its two-week average of 1.33 lakh share on BSE.

The Credit Analysis & Research (CARE) has slashed its ratings on Eros International Media's long-term bank facilities (term loan) and (cash credit) to 'D' from CARE BBB-. The rating agency also cut Eros' short-term bank facilities to 'D' from 'A3'.

On a consolidated basis, Eros International Media's net profit increased 14.7% to Rs 69.74 crore on a 6% drop in net sales to Rs 224.56 crore in Q4 March 2019 over Q4 March 2018.

Eros International Media is a global player within the Indian media and entertainment sector. The Eros Group has an extensive film library and is in the business of sourcing Indian and other film content and exploiting it worldwide through its offices in India, UK, USA, UAE, Singapore, Australia.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 06 2019. 10:36 IST