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Dish TV India hit by insolvency ripple effect, sinks 8%

NEW DELHI: Dish TV India tanked as much as 8.1 per cent on F..

NEW DELHI: Dish TV India tanked as much as 8.1 per cent on Friday, hit by concerns arising out of insolvency proceedings against certain entities of the Videocon Group.

The direct-to-home operator is assessing the impact on rights and obligations under its merger deal with Videocon d2h following insolvency action against the said entities.

The scrip slid to Rs 77, its lowest since November 23. In percentage terms, the intra-day loss was the biggest since July 21.

Dish TV and Videocon d2h had announced a merger in November 2016, which they earlier expected to close by December 27, 2017, Reuters reported. In a December 22 communication, it had told exchanges that necessary filings about the deal closure would be delayed further.

Videocon d2h said it was unable to notify the effective date of the scheme with Dish TV until final views were taken jointly by the company and Dish TV.

Till the time of writing of this report, about 21.59 lakh shares were traded against the daily average of 5.9 lakh in the past two weeks.

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