Shares of Den Networks plunged nearly 9 per cent, hitting 52-week low, on the Bombay Stock Exchange even after the Reliance Industries launched Jio’s fibre to home or fixed line broadband services called Jio GigaFiber. The investor feared that this would intensify competition for both the direct-to-home as well as cable broadband providers.
Weighed down by the development, stocks of the company declined as much as 8.79 per cent and touched 52-week low of Rs 60.70 apiece on the Bombay Stock Exchange.
In a similar trend, shares of the firm were trading 8.89 per cent higher at Rs 61.50 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 35,672.31, up 97.76 points, or 0.27 per cent at 12:20 hours.