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Sun TV shares plunge over 9% on weak September quarter results

Sun TV Network stock opened with a loss of 2% and later fell 9.64% to the intraday low of Rs 478 on the BSE today

twitter-logo BusinessToday.In        Last Updated: November 13, 2019  | 12:10 IST
Sun TV shares plunge over 9% on weak September quarter results
The company board has also approved an interim dividend of 50%, which is Rs 2.50 per equity share of Rs 5 each for 2019-20.

Shares of Sun TV Network Ltd fell 9.64% intraday to Rs 478 on Wednesday as the media house reported a marginal increase of 1.04% in its consolidated profit after tax (PAT) to Rs 368.79 crore for Q2FY20, as compared to Rs 364.99 crore recorded in the July-September period a year ago.

Sun TV Network stock opened with a loss of 2% and later fell 9.64% to the intraday low of Rs 478 on the BSE today. Sun TV Network share price has moved below its 30, 150 and 200-day simple moving average today.

Volume-wise, shares amounting to 1.37 lakh and 14.50 lakh shares are currently changing hands on the BSE and NSE counters, both above the 5,10 and 30-day average volume.

With an intraday volatility of 6.21%, the stock has underperformed 'Broadcasting & Cable TV' sector by 4.6%, where the sector has fallen 4.10% intraday. Although the stock price of Sun TV has gained 3% in a month, it has fallen 8% in one week and almost 20% on a year-to-date basis.

Company's total income rose 6.79% to Rs 900.74 crore in the quarter under review compared to Rs 843.44 crore in the corresponding quarter of the previous fiscal. The company's total expenses increased 65.95% to Rs 499.54 crore during September quarter against Rs 301.01 crore recorded in the same quarter a year ago.

The company board has also approved an interim dividend of 50%, which is Rs 2.50 per equity share of Rs 5 each for 2019-20.

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