Reliance Mediaworks hit by Digital Domain bankruptcy
MUMBAI (Reuters) - Shares in film and entertainment company Reliance Mediaworks LtdRELM.NS fell as much as 7.2 percent 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 (DDMGQ.PK).
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 percent on Wednesday.
(Reporting by Manoj Dharra and Abhishek Vishnoi, Writing by Henry Foy; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India's main public health programmes, aimed at millions of rural poor, have been in disarray for months because the government changed the way that over $1.3 billion in funds were distributed, according to data and letters seen by Reuters. Full Article | Graphic: India's health funding