Eros Falls 31% to Low Amid Questions on Film Businessby
Eros International Plc, the Bollywood film company facing questions about its sales and subscribers, slumped 31 percent to a multi-year low on new concerns about its movie business that were raised ahead of an investor conference Wednesday.
Eros fell to $8.25 at the close in in New York, the biggest one-day loss since May 2011. That brought the stock to a multi-year low.
The website Seeking Alpha published remarks from an unnamed contributor Tuesday that raised questions about the number of films the company distributes, saying Eros overstated the total by 124 percent in 2014 and 200 percent this year. The company was at a Wells Fargo conference Wednesday in New York.
“The company looks forward to reporting its 2Q 2015 earnings,” said Whit Clay, an outside spokesman.