Shares of Den Networks slipped 27.93 per cent to Rs 86.85 in the previous financial year ended March 31, 2016, whereas the BSE Sensex plunged 9.36 per cent during the year.
Den Networks share price soared over 13 per cent after it informed bourses that the company has entered into an agreement with Wall Street Investment Ltd for selling its 55 per cent equity stake in DEN Sports for a consideration of Rs 43.32 crore. This includes the sale of shares from Den Networks and preferential allotment by Den Sports.
The share price of the company closed 13.82 per cent down at Rs 98.80. The scrip opened at Rs 85.60 and touched a high and low of Rs 104 and Rs 85.60, respectively, in trade. Sensex closed 72.22 points, or 0.28 per cent, down at 25,269.64.
Prior to execution agreement with Wall Street Investment, Den was holding 100 per cent equity shares of DEN Sports which, in turn, own 100 per cent equity shares of Den Soccer Pvt Ltd. Den Soccer is the operating company which owns, controls and manages Delhi Dynamos FC and holds the franchisee for Delhi to participate in the Indian Super League (ISL).
For the quarter ended December 2015, Den Networks reported a consolidated net loss of Rs 48.37 crore against net loss of Rs 62.60 crore in the same quarter last year.
Shares of the company slipped 27.93 per cent to Rs 86.85 in the previous financial year ended March 31, 2016, whereas the BSE Sensex plunged 9.36 per cent during the year.