Shares of media and entertainment firms Eros International and Saregama were sliding on Friday for separate regulatory reasons.
What Happened? The Securities and Exchange Board of India (SEBI) has barred movie production house Eros Group’s Managing Director Sunil Arjan Lulla and three of the media company’s entities from the securities market, saying there were accounting irregularities at the firm.
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Pradeep Kumar Dwivedi, CEO of Eros International Media, was also barred from the securities market. the SEBI has stopped both Lulla and Dwivedi from holding directorial positions in listed companies.
The regulator found prima facie evidence that the books of accounts of the company were overstated and were not accurate to the financial health of the firm.
Meanwhile, music label Saregama also felt the heat from investors after the firm was put under SEBI’s additional surveillance measure (ASM) list. The stock has gained 26.55% in the last month.
Price Action: Eros International’s share price was down 14.80% to trade at ₹22.45 around noon on Friday, while Saregama’s shares dropped 2.42% to ₹397.20.
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