MUMBAI 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)
Trending On Reuters
Apple Inc sold more iPhones than Wall Street expected in the third quarter and estimated its revenue in the current period would top many analysts' targets, soothing fears that demand for the company's most important product had hit a wall. Full Article