India's TV18 Broadcast falls most in nearly 2 years

TV Today Network

14/03/2023 09:46

** Shares of Indian broadcaster TV18 Broadcast Ltd  TVEB.NS 
fall as much as 2% to 30 rupees, its lowest level since April
22, 2021
    ** Stock set to fall in fourth consecutive session, if
losses hold
    ** Moving average convergence divergence line is below
signal line, indicating bearish bias
    ** Relative strength index (RSI) is close to hitting lower
limit of 30, indicating stock is oversold
    ** Stock down ~18% since reporting slump in Q3 profit on
Jan. 17
    ** Indian broadcasters - TVEB, Zee Entertainment  ZEE.NS ,
NDTV  NDTV.NS  and TV Today Network  TVTO.NS  - reported a drop
in Q3 profit on shrinking advertisement spending
    ** Over 3.6 mln shares traded as of 3:07 pm IST, 0.8X the
30-day moving average
    ** Stock fell 17.4% last year after two straight annual
gains
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))