Eros International slumps 20% after India's markets regulator bars group entities, MD (updated)
23/06/2023 05:33
(Adds background in paragraphs 2-4, updates share price in
paragraph 5)
BENGALURU, June 23 (Reuters) - Shares of Eros
International Media Ltd EROS.NS fell as much as 19.92% after
India's markets regulator on Thursday barred parent Eros Group's
managing director Sunil Arjan Lulla and three of the group's
units from the securities market, citing accounting
irregularities.
The Securities and Exchange Board of India (SEBI) said in an
interim order that it had found evidence that the books of
accounts of the company were "overstated and do not present a
true and fair picture of the financial health of the Company."
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The SEBI has barred Eros International Media Ltd, Eros
Worldwide and Eros Digital from the securities market until
further orders.
Eros International Media
said
in an exchange filing that it was in the process of seeking
legal advice in the matter.
Its stock - seeing the most active trading session since
August 2022 - posted its biggest percentage loss in four years
before paring some of its losses to trade down 15.37% at 22.30
rupees, as of 9:49 a.m. IST.
(Reporting by Ashish Chandra in Bengaluru; Editing by Dhanya
Ann Thoppil and Nivedita Bhattacharjee)
((ashish.chandra@thomsonreuters.com; +91 7982114624;))