Ananda Krishnan’s Astro hits rock bottom, battered by setbacks

[superadmin]

PETALING JAYA: The proverb “it never rains but it pours” is probably an apt description of recent setbacks that have pummelled Astro Malaysia Holdings Bhd, the pay-TV operator controlled by reclusive tycoon Ananda Krishnan.

Its shares plummeted to an all-time low of 40 sen yesterday, driven by disappointing results for its second quarter ended July 31, 2023 (Q2 FY2024), a murky dividend outlook, and closure of its home shopping venture Go Shop.

Over the past 18 months, the media and entertainment holding company’s market capitalisation has seen a huge drop in tandem with its dwindling subscriber base.

Its share price has tumbled 61.17% from its peak of RM1.03 at the end of March last year, wiping some RM3.29 billion from its market capitalisation.

- More -