Eros Continues Rapid Decline as Blogger Questions Film Releases
- The shares have fallen more than 75 percent in past month
- Eros owns and distributes Bollywood films to Indian audience
Eros International Plc, the Bollywood film company, plunged 20 percent Friday, extending its free-fall as an anonymous blogger called Alpha Exposure challenged the company’s accounting.
The questions continue an Internet barrage from short sellers, who have shorted more than 29 percent of the company’s available shares, according to data compiled by Bloomberg. Alpha Exposure, who declined to confirm his identity on the record, has a short position in Eros. Eros shares have fallen more than 75 percent in the past month as anonymous Twitter users have cast doubt on the company’s financials, the number of subscribers to its digital service and its revenue deriving from the United Arab Emirates.