Eros International said it has engaged a US-based law firm to conduct an independent internal review in the wake of an anonymous campaign spreading false and malicious information that has negatively impacted the company’s share prices.
Eros International Media shares rose as much as 10 per cent in the early trade on Tuesday after the company on Monday said that it has appointed a US-based law firm to conduct an independent internal review in the wake of an anonymous campaign spreading “false and malicious information” that has negatively impacted the company’s share prices.
However, the share price of the company wiped off its initial gains and was trading 1.40 per cent up at Rs 254.00 at 9.28 am. The scrip opened at Rs 275.55 and had touched a high and low of Rs 275.55 and Rs 247.25 respectively. Sensex was trading 140.81 points up at 26,699.96 during the same time.
“In the past two weeks, there has been a vicious campaign to damage the credibility of Eros International by spreading false rumors and misinformation regarding its business with an objective to create panic amongst the investor community,” the company said in a statement.
Stating that the company is “confident in our business fundamentals”, it said no new facts about it have come to light since the filing of the FY2015 financials or its Q1 FY2016 financials at which time the market sentiment was extremely positive.
“Our Audit Committee has engaged the US law firm Skadden, Arps, Slate, Meagher & Flom LLP to conduct an independent internal review and also to advise us on related matters,” it added.
| Subscribe To Our Free Newsletter |
