TV18 stock slumps 8% after RIL, Viacom18 ink partnership with Bodhi Tree

Shares of TV18 fell over 8 per cent in early trade after Reliance Industries and Viacom18 announced a strategic partnership with Bodhi Tree Systems. Bodhi Tree Systems is a platform of James Murdoch's Lupa Systems and Uday Shankar. The partnership will result in one of the largest TV and digital streaming companies in India.

However, shares of TV18 slumped 8.32 per cent to Rs 68.9 against the previous close of Rs 75.15 on BSE. The stock opened with a gain of 7.78 per cent at Rs 81 and saw profit-booking thereon. The share has fallen after two days of consecutive gain.

It trades higher than 50-day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. A total of 27.91 lakh shares of the firm changed hands, amounting to a turnover of Rs 22.37 crore on the BSE.

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Market cap of the company fell to Rs 12,163 crore. The stock hit a 52-week high of Rs 82.55 on April 5, 2022 and a 52-week low of Rs 32.25 on May 4, 2021.

The stock has gained 113.13 per cent in a year and risen 59.38 per cent this year.

Under the partnership, Bodhi Tree Systems is leading a fund raiser with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a "streaming-first" approach, Reliance Industries said.

Viacom18 owns and operates the suite of Colors TV channels and OTT platform, VOOT.