Bloodbath on Sensex; media & entertainment stocks plunge

MUMBAI: The Sensex plunged more than 700 points in today’s trade on the back of the news that US based investment bank Lehman Brothers had filed for bankruptcy in what is being called the worst banking collapses in history.

Worries of a severe economic recession in the US have also plagued financial markets across the globe.

In India, while all stocks across sectors have been hammered on the bourses, the media and entertainment stocks have also felt the onslaught. The Bombay Stock Exchange (BSE) Sensex closed the day at 13531.27, which was 469.54 points lower than its opening today. On the other hand, the Nifty closed the day at 4072.90, down 155.55 points.

Two entertainment stocks that bucked the trend were Shree Ashtavinayak Cine Vision and Moving Picture Company. While Shree Ashtavinayak Cine Vision was marginally up by 0.30 per cent to close the day at Rs 535.50; Moving Picture Company was up 4.85 points at Rs 17.30.

Amongst the film and television content production companies Saregama India lost considerable ground today and closed the day at Rs 96.80, which was down 12.87 per cent from its opening of Rs 112.90. On the other hand, Crest Animation lost 9.91 per cent to end the day at Rs 41.80. BAG Films closed at Rs 26.25, down 8.38 per cent, whereas GV Films was down 7.12 per cent and closed at Rs 2.87.

Cinevistaas was down 6.29 per cent and closed at Rs 7.00, whereas TV 18 closed at Rs 224.20, down 5.82 per cent. Sahara One Media and Entertainment closed the day at Rs 198.50, down 5.70 per cent; Kaleidoscope Films was down 4.90 per cent at Rs 1.36; Tips Industries closed at Rs 42.75, down 4.79 per cent.

Subhash Ghai’s Mukta Arts was trading at Rs 92.00 at the end of the day’s trade, which was down 4.76 per cent. Balaji Telefilms closed the day 3.38 per cent lower at Rs 157.20, whereas Prime Focus was down 2.33 per cent to close at Rs 420.05. Pritish Nandy Communications was down 1.31 per cent to close at Rs 34.00; UTV Software Communications was down 1.09 per cent and closed at Rs 791.00.

Amongst the multiplex companies that are listed on the BSE, Pyramid Saimira saw the biggest drop with the stock down 10.81 per cent to stand at Rs 125.35 at the end of the day’s trade. On the other hand, Adlabs Films too saw a considerable drop with the stock closing at Rs 439.10, down 9.75 per cent. Fame India was down 7.23 per cent to stand at Rs 35.95, whereas INOX Leisure was down 5.06 per cent to close the day at Rs 76.00. PVR closed the day down 3.31 per cent at Rs 178.00, whereas Cinemax India witnessed the least fall with the scrip being down 0.98 per cent to stand at Rs 91.30 at the end of the day’s trade.