INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Eros International Media hit a fresh all-time low in Monday's session and looked on course to extend their losing
streak into the fourth consecutive session.
The stock tanked 10 per cent to Rs 40.95 and hit its lower circuit limit
In the last four sessions, the stock has come off 38 per cent.
Shares of the company have been falling since last Tuesday
On Wednesday, rating company CARE cut its creditworthiness, citing delays or likely defaults in serving debt availed from banks
downgrades at infrastructure conglomerate IL-FS
Even as Eros was making efforts to assuage investor concerns, a US-based forensic financial research firm said much of the receivables that
However, Eros chairman Kishore Lulla said there was no truth in the allegations and that the company was seeking advice on legal action
against the research firm
Both Grant Thornton and Lulla said the allegations were similar to those raised in a previous short-seller report and found to be without
substance after an investigation