Stocks

Eros International Media falls after parent company posts Q4 loss

Reuters July 16 | Updated on July 16, 2019 Published on July 16, 2019

Shares of movie producer and distributor Eros International Media Ltd fall ~4.55 per cent after parent company Eros International PLC posted weak Q4 results.

Eros International, which owns a vast library of Bollywood movies and music, on Monday posted a quarterly loss due to an impairment charge and a rise in costs.

Up to Monday's close, Eros International Media's shares had lost over 81 per cent this year.

Eros International's US-listed shares closed 11.5 per cent lower on Monday.

Mumbai-based Eros International has been struggling after a ratings agency categorised its Indian subsidiary's debt at “default” levels due to delays in payments.

Shares of smaller rival Balaji Telefilms Ltd fell as much as 1.87 per cent, on track for a third straight session of losses.

Published on July 16, 2019
This article is closed for comments.
Please Email the Editor