Apple deal talk costs Eros; stock down 2%

After rising nearly 5 per cent on Monday, shares of Eros International Media witnessed some profit booking and ended the day over 2 per cent down on Tuesday.

The scrip was trading 2 per cent down at Rs 215 around 12.55 pm (IST). It closed the session 2.87 per cent down at Rs 213.20 on BSE.

Shares of the company hogged limelight on Monday after reports suggested that Eros Group, the largest movie producer in India, is in talks with Apple Inc, the world’s most valuable public company, to sell its entire content library of films and music for around $1 billion multiple. A deal may also include their digital OTT platform, Eros Now, billed as the Netflix of Bollywood.

However, Eros International Media later clarified that we are not privy to any strategic discussion that our NYSE listed parent company Eros International PLC may be having with various potential partners.

Shares of Eros International had hit their 52-week high of Rs 308.40 on March 28, 2017 and 52-week low of Rs 150.15 on November 22, 2016.

On the BSE, 3.58 lakh shares were traded on the counter so far as against the average daily volumes of 2.86 lakh shares in the past two weeks.