Shares of Eros International Media went into a tailspin today, falling 11.5 per cent, after the company dismissed media reports of stake sale.
After surging 11 per cent to Rs 597.10 -- its 52-week high in intra-day on BSE amid stake sale buzz -- shares of Eros later succumbed to selling pressure and finally ended 11.46 per cent lower at Rs 476.05.
The stock witnessed massive volatility during the day wherein it plunged 20 per cent to a low of Rs 430.15 -- its lower circuit limit.
On the NSE, it closed at Rs 476.90, down 11.38 per cent from its previous close.
Selling at the counter cropped up following the company's dismissal of media reports that Eros is in talks to sell stake in the unit to Fullerton and the company plans to buyout Times Group's Box TV.
The company in a filing to the BSE said, "We hereby clarify that both the news reports do not pertain to Eros International Media."
Eros Now is owned by our ultimate parent company Eros International PLC, the filing said.
"We continue to evaluate strategic opportunities as part of ongoing business operations and confirm that Eros International Media has neither had any discussions nor signed any agreements for such opportunities," it added.
Meanwhile, in the broader market too, the BSE key index Sensex ended the day with a loss of 114.06 points at 27,573.66.
