The frontline indices have pared their day’s gains and are trading on a flat note driven by a sharp selloff in the media stocks.
Among sectors, the Nifty Media index slipped around 10 per cent in the afternoon trade led by a sharp selloff in shares of Zee Entertainment Enterprises (ZEEL) and Dish TV.
In the broader market, S&P BSE MidCap index was trading 0.79 per cent or 118 points lower at 14,742, while S&P BSE SmallCap index was ruling at 14,113, down 112 points or 0.79 per cent.
Maruti Suzuki slipped nearly 9 per cent to Rs 6,420 in afternoon trade after the country’s largest passenger car maker reported a 17.26 per cent fall in its net profit at Rs 1,489.3 crore for the third quarter of FY19. The carmaker had reported PAT of Rs 1,800 crore in the year-ago quarter. On QoQ basis, the figures fell 33.5 per cent. Total revenue from operations stood at Rs 19,668.3 crore against Rs 19,283.2 crore in the year-ago period. Basic EPS (earnings per share) came in at Rs 49.30 against Rs 59.56 in the corresponding quarter previous fiscal.
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