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M&E stocks take a beating as Sensex crashes 1600+ points; NDTV worst hit

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MUMBAI: Triggered by global concerns over China’s falling economy and its impact on global markets, the benchmark BSE Sensex witnessed bloodbath on Monday, 24 August as it closed the day at 25,741.56, down 1,624.51 points (5.94 per cent). This is one of the biggest fall since 2009.

Moreover, the Nifty was also down 490.95 points (5.92 per cent) to close at 7809.

According to media reports, on the back of the market meltdown, investors lost more than Rs 7 lakh crore. The downfall not only left the major oil, goods and bank companies in the red but the Indian Media and Entertainment (M&E) companies were also badly hit. 

In the media sector, news company NDTV India was the worst hit as it fell 16.27 per cent to close the day at Rs 88.50. This was followed by TV Today, which witnessed a fall of 13.99 per cent to close the day’s trade at Rs 192.15. On the other hand, multi system operator (MSO) Hathway Cable & Datacom at Rs 40.05 was down 13.78 per cent.

Some of the other major M&E companies like Balaji Telefilms, direct to home (DTH) company Dish TV and Sun TV Network were not spared either. While Balaji Telefilms was down 12.31 per cent to close the day at Rs 72.65, Dish TV was down 11.85 per cent at Rs 96.35. The Maran owned Sun TV dipped 11.63 per cent to close at Rs 298.50.

Eros International Media closed at Rs 441.95 after registering a 11.60 per cent decline. Even music companies were not left untouched from the stock market waves. Shemaroo Entertainment, Saregama and Tips recorded a fall of 10.74 per cent, 9.98 per cent and 9.53 per cent respectively.

Other media companies including DQ Entertainment, Network18, B.A.G Films and Entertainment Network India Ltd (ENIL) were down by 9.38 per cent, 8.78 per cent, 8.59 per cent and 7.33 per cent respectively.

The Dhoot family owned DTH company Videocon d2h was the sole company unaffected by the fall of the Sensex. The company’s stock was up by 0.33 per cent and closed at Rs 137. 75.

Some of the companies, which were not as impacted as much were Zee Entertainment Enterprises Limited (ZEEL), which was down 6.11 per cent to end the day at Rs 359.65, Jagran Prakashan (down 5.20 per cent) and MSO Siti Cable (down 5 per cent). 

HT Media bore a loss of 2.84 per cent, whereas the Orissa based MSO Ortel Communications was down 2.27 per cent to close the day’s trade at Rs 202.30. 

Ascribing the market crash to global turbulence, finance minister Arun Jaitley said that the government along with the Reserve Bank of India (RBI) was watching the situation and hoped that things will stabilise once the transient impact is over.

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