Media stocks have been on a downward trend in the past few trading sessions after leading diamond merchant and film financier Bharat Shah was arrested by the Mumbai Police for alleged complicity with the underworld.
The market capitalisation of the sector has slipped from its peak level of Rs 87,933 crore in the last one year to yesterday’s level of Rs 14,084 crore, marking an erosion of Rs 73,849 crore in market capitalisation.
Zee Telefilms, Pentamedia Graphics, Sri Adhikari Brothers, Crest Communications and Television Eighteen were the notable losers.
Zee Telefilms hit a low of Rs 240.35 (Re 1 paid up) today, and its company market capitalisation saw an erosion of Rs 53,933 crore from its peak level of Rs 63,309 crore when it was traded at Rs 1,630. Currently the company market capitalisation stands to Rs 9,375 crore with the current close quote of Rs 241.40.
Pentamedia Graphics that reached a dazzling height of Rs 2,344 during the year, was quoted nearly 90 per cent lower at Rs 260.70 today. The company witnessed an erosion of Rs 8,321 crore in market capitalisation.
Sri Adhikari Brothers promoted Adhikari Brothers, saw it its downward trend when the scrip was brought under rolling settlement. The scrip hit a low of Rs 186 today before recovering towards close at Rs 187.50. This is down 91 per cent against its high quote of Rs 2,350 during the previous 12 months.
Television Eighteen, which made an IPO at Rs 180, and touched a high of Rs 2,330 during the year, hit a new low of Rs 206.20 today. The company lost Rs 2,321 crore in market capitalisation from its peak value.
Other media companies, like Tips Industries, Creative Eye, Cinevista Communications and Pritish Nandy Communications, that came with their public issues during the year, are now quoted below their issue price.
Cinevista Communications is quoted at Rs 130.80, 56 per cent lower than its issue price of Rs 300 per share in May 2000. While Pritish Nandy Communications traded at Rs 65.90 against its offer price of Rs 155 per share in December 2000.