Shares of direct-to-home operator Dish TV India wiped off their losses and ended the session up by 1.62 per cent at Rs 81.75 on the BSE.
After opening weak at Rs 79.15 against the previous close of Rs 80.45, the scrip touched an intraday high of Rs 83.10 and a low of Rs 78.30. In terms of equity volume, 12.24 lakh shares exchanged hands on the BSE.
Earlier in the day, the stock plunged as much as 2.7 per cent to Rs 78.30, its lowest since November 23 on bigger-than-expected loss.
The company had posted September quarter loss of Rs 17.87 crore ($2.8 million) on Tuesday vs analysts' loss estimate of Rs 9.26 crore. The company had posted a net profit of Rs 68.96 crore in the July-September quarter a year ago.
Its revenue from operations came down 3.93 per cent to Rs 748.58 crore during the quarter under review against Rs 779.28 crore a year earlier. Total expenses were at Rs 783.47 crore, up 5.97 per cent, against Rs 739.31 crore.
“Average revenue per user (ARPU) strengthened to Rs 149 while churn rate recovered to close at slightly less than 0.8 per cent per month,” the company said.
According to HDFC Securities, broadly flat ARPU compared to last quarter and higher operating expenses were key negatives in Q2.
But analysts say inexpensive valuations, synergies from merger with Videocon D2H, and digitisation are positives for the company.
They say the management has reiterated guidance on synergy benefits from Videocon D2H merger, despite delay in approval from Mthe inistry of Information & Broadcasting.
The stock is down 4.8 per cent this year up to Tuesday.