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MUMBAI:
A shake-up at the US market has pushed the benchmark of the
Bombay Stock Exchange (BSE) to close at 14,809.49 points to
log a loss of 951.03 points on Monday.
The
fall came in after the Federal Reserve cut its discount interest
rate at an emergency meeting and JPMorgan Chase agreed to
buy Bear Stearns for $2 per share.
A
dip in other Asian markets led by Hong Kong also had a negative
effect on the Indian trade market.
Media
companies also shed points, losing heavily at the end of the
day.
Cable
and distribution companies were beaten up heavily with Hinduja
Ventures, which mainly holds the cable TV assets of the Hinduja
group, losing 13.15 per cent to end the day at Rs 362.45 on
the BSE.
Zee Group’s Wire and Wireless India (Zee’s demerged
cable TV company) plunged 13.57 per cent trading last at Rs
33.45. Shares of Dish TV, Zee's direct-to-home (DTH) company,
stood at Rs 43 shedding 10.70 per cent.
Even
the news genre was not spared in the whiplash at the BSE.
Shares of B.A.G Films and Media dived 12.46 per cent as the
scrip closed at Rs 30.55. Global Broadcast News (GBN) stood
at Rs 135.65 losing 8.19 per cent while TV 18 plunged 7.24
per cent to stand the day’s close at Rs 363. Network18
fell 5.62 per cent, standing at Rs 262.75. NDTV was trading
at Rs 376.50 losing 3.50 per cent. Zee News shed only 1.12
per cent to end the day at Rs 43.95.
Zee
Entertainment and Enterprises Limited (Zeel) stumbled at Rs
236.65, a fall of 4.44 per cent. Scrip price of UTV slipped
4.20 per cent to stand at Rs 766.50, while Balaji Telefilms
dropped 3.74 per cent at Rs 194.50.
The
bear run also hit the southern shores as Sun TV Network plunged
4.39 per cent to close at Rs 291.55.
In
the FM sector, the scrip price of Entertainment Network (India)
Limited (ENIL) dipped 1.47 to end the day at Rs 375.20.
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