Monday’s market crash hit Indian media firms too
Most media companies saw their stocks in the red due to the impact of Coronavirus and the crash in global crude oil prices
The market crash on Monday due to the coronavirus threat coupled with a crash in global crude oil prices affected most India media companies too.
According to media reports, Indian markets witnessed a drop of 31% in crude oil prices in global markets and Monday saw the biggest intraday fall for Sensex.
The drop in market cap has not only left major companies in the red but media and entertainment companies too have been hit by the downfall.
While Zee Entertainment Enterprises Ltd stocks (ZEEL) fell 11.96% on Monday, Sun TV stocks too saw a drop of 3.14%.
Other media companies were also hit - Dish TV (9.57%), Siti Network (4.48%), Hathway (5.57%), Den Network (4.97%) and NXT Digital (7.59%.)
Talking about companies in the news category, while NDTV fell 1.21%, it was 9.59% for TV18 Broadcast, followed by TV Today at 1.35% and Zee Media at 4.57%.
In India, the total number of confirmed coronavirus cases has crossed 50 with new cases being reported in Kerala and Pune. Advisories have been issued against travel to countries like China, Italy, Japan, France and Spain.
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