Eros shares plunge for the third day in a row; SEBI order wipes out investor confidence

On Monday, 56 lakh Eros shares changed hands which was four times more than the monthly traded average of 12 lakh shares.

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Shares of Eros International Media Limited (Eros) fell for the third day in a row after the market regulator barred the company, its MD and CEO from trading in the stock markets.

Eros was down 6.87 percent at Rs 19.65 at 12.11 pm on the National Stock Exchange. The stock has lost 31 percent since the order was passed on June 22.

On Monday, 56 lakh Eros shares changed hands which was four times more than the monthly traded average of 12 lakh shares.

SEBI passed an interim, ex-parte order banning Eros International MD Sunil Arjan Lulla and CEO Pradeep Kumar Dwivedi from holding board positions in companies, and also banned them from trading in the stock market. Along with them, Eros Digital and Eros Worldwide are also banned from trading in exchanges.

According to a National Stock Exchange preliminary inquiry report which was forwarded to SEBI, Eros was engaged in financial misreporting, siphoning and diversion of funds.

The inquiry against Eros started after financial statements for FY20 showed impairment from content advances and film rights, along with other advances and goodwill, amounting to Rs 1,553.52 crore. Also, in the same year, the company wrote off trade receivables to the extent of Rs 519.98 crore.

Eros’ total revenue for FY23 increased 62 percent to Rs 756 crore year-on-year. Net loss for the company widened 15 percent to Rs 116 crore year-on-year for the same period.

The company was incorporated in 1994 and has produced movies like Bajirao Mastani, Bajrangi Bhaijan and Tannu weds Mannu.

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