Fourth Pillar on shaky grounds on Dalal Street
By Ravi Dutta Mishra
Mumbai, July 25 (IANS) The 'fourth pillar' seems to be on shaky grounds, at least, on the Dalal Street, struggling to find a model to survive amid rapid transformation in the way the news is consumed across the world.
Most of the top media houses have bled heavily in the past 7 months, amid an economy losing steam.
HT Media that runs, Hindustan Times, on the BSE has seen its value erode over 33 per cent from Rs 39.85 on January 1 to Rs 26.40 apiece on July 25.
Monday was its worst day in 52 weeks on the bourses, when it hit a low of Rs 22.25 apiece.
Zee Media has had it worse with their scrip value declining as much as 50 per cent to Rs 11.90 apiece from Rs 23.95 at the start of the year.
It touched its 52-week low last month and is currently trading near the same value.
TV Today Network is down nearly 25 per cent since Jan 1, from Rs 373.55 to Rs 282.45. It saw its worst day last week when it fell to Rs 237.20.
Network 18 is down 45 per cent from Rs 40.30 to Rs 22.05 on Thursday. It touched its 52 week low of Rs 21.25 earlier in the day.
Jagaran Prakashan seems better off -- its scrips were trading 18 per cent lower to Rs 94.30 from January 1 level of Rs 115.05 apiece.
The company saw its 52-week low in February earlier this year at Rs 92.30 apiece.
(Ravi Dutta Mishra can be contacted at firstname.lastname@example.org)