Reliance Media down 7% as Digital Domain files for bankruptcy
Mumbai: Shares of Reliance MediaWorks on Wednesday plunged over 7 percent after Los Angeles-based Digital Domain, founded by James Cameron of 'Titanic' movie fame, filed for bankruptcy.
In July last year, Reliance MediaWorks had partnered with Digital Domain Productions for visual effects and 3D Stereo Production services studios in Mumbai and London.
Following the bankruptcy move, the shares of the company tanked 7 percent to Rs 61.40 on the BSE even after a robust opening.
At the NSE, the scrip was down 7.2 percent at Rs 61.15.
Digital Domain Media Group (DDMG), the multi-Academy Award-winning digital production company has filed for bankruptcy protection and agreed to sell its core business to Searchlight Capital Partners for USD 15 million.
The company, founded by 'Titanic' director James Cameron, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code, Digital Domain said in a late night statement yesterday.
The company went public just 10 months ago, but in recent times shares have tumbled to as low as 44 cents.