Shares in film and entertainment company Reliance Mediaworks fell as much as 7.2% on Wednesday on worries about its loan exposure after Digital Domain Media Group Inc filed for bankruptcy protection.
Reliance Mediaworks said after the close of markets it had exposure of 300 million rupees to Digital Domain, which won Academy Awards for visual effects in films including "Titanic" but filed for bankruptcy just 10 months after its initial public offering.
Analysts had initially estimated the company controlled by Indian billionaire Anil Ambani had lent 1.4 billion rupees to Digital Domain
Reliance Mediaworks is actively pursuing billed revenues due with Digital Domain's new management, the company said in its statement.
Reliance Mediaworks shares closed down 2.6% on Wednesday.
Reliance Media stock price
On , 2014, Reliance MediaWorks closed at Rs 59.80, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 66.00 and the 52-week low was Rs 36.90.
The latest book value of the company is Rs 19.90 per share. At current value, the price-to-book value of the company was 3.01.
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