Media stocks continue to bleed in Shah arrest fallout

Media stocks continued their downward slide on Tuesday a day after the arrest of leading Bollywood financier Bharat Shah on Monday for his alleged nexus with Karachi-based underworld don Chhota Shakeel.. While overall the Mumbai’s Sensex went up by five points to close at 4125, media stocks went down by an average of three per cent.

The Zee Telefilms scrip touched a 52-week low at Rs 250.50 but closed a little higher at Rs 255.50. But the Zee scrip was also pulled down by negative expectations of the company’s third quarter results which were due to be declared.

The other big losers by an average of between 7.9 per cent and 16 per cent were Balaji Telefilms, Jain Studios, Mukta Arts, Tips and TV 18.