Eros International Shares Rebound Over 10%

Shares of Eros International surged as much as 10 per cent at its day's high of Rs 524.90 on Friday. The shares of the Bollywood film producer and distributor fell over 11 per cent on Thursday, after the company clarified that it is not in discussions to sell a stake.

Shares of Eros International had slumped as much as 20 per cent intra-day on Thursday after gaining as much as much as 11 per cent earlier in the day. A Mint newspaper report, citing sources, had said that the Bollywood film producer and distributor is in advanced talks to sell a stake in its Eros Now unit to Singapore-based Fullerton Fund Management. Eros Now is a streaming platform.

The Bombay Stock Exchange had sought a clarification from Eros following the news report.

Eros clarified that it continues to "evaluate strategic opportunities as part of ongoing business operations and confirm that Eros International Media Limited has neither had any discussions nor signed any agreements for such opportunities (other than already disclosed to the stock exchanges)."

Eros International also clarified that "Eros Now is owned by our ultimate parent company viz. Eros International PLC."

Shares of Eros International ended  6.24 per cent higher at Rs 506.65 as compared to 0.38 per cent gain in Nifty.