MPA ban thumps down Zee Telefilms
The decision of the Motion Pictures Association (MPA) to ban films of those producers who have sold satellite rights to television channels when they are bound by a five-year moratorium period, precipitated heavy selling pressure on the Zee Telefilms counter.
The share price crashed to a low of Rs 80.25 on the Bombay Stock Exchange (BSE) during the day after hitting an intraday high of Rs 86.10. The stock finally closed down by 5 per cent at Rs 80.85. A total of 24.02 lakh shares changed hands.
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Media analysts said the MPA decision will restrain producers from selling their new films to television channels. This will compel Zee to substantially modify its latest strategy of screening new films every week.
Zee had already purchased the rights to 16 recently-released films, and has even publicised the schedule for their telecast.
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