ABS-CBN Corp. lost P258.593 million in market capitalization on Monday, as its shares fell by 1.76% at the close of trading after government lawyers asked the Supreme Court to forfeit the company's legislative franchises. Shares of ABS-CBN plunged to P16.70 apiece, down by 30 centavos or 1.76% from P17.00 per share last Friday.
ABS-CBN Corp. lost P258.593 million in market capitalization on Monday, as its shares fell by 1.76% at the close of trading after government lawyers asked the Supreme Court to forfeit the company's legislative franchises.
Shares of ABS-CBN plunged to P16.70 apiece, down by 30 centavos or 1.76% from P17.00 per share last Friday.
In the process, the company lost P258.593 million of its market capitalization to P14.394 billion, down from P14.653 billion on Friday.
Sought for comment, Diversified Securities Inc. equity trader Aniceto Pangan said the drop could be attributed to the quo warranto filed against the company.
"It creates uncertainty on the part of the company if it cannot renew its franchise congressional approval," he explained in a text message.
ABS-CBN Corp. lost P258.593 million in market capitalization on Monday, as its shares fell by 1.76% at the close of trading after government lawyers asked the Supreme Court to forfeit the company's legislative franchises.
Shares of ABS-CBN plunged to P16.70 apiece, down by 30 centavos or 1.76% from P17.00 per share last Friday.
In the process, the company lost P258.593 million of its market capitalization to P14.394 billion, down from P14.653 billion on Friday.
Sought for comment, Diversified Securities Inc. equity trader Aniceto Pangan said the drop could be attributed to the quo warranto filed against the company.
"It creates uncertainty on the part of the company if it cannot renew its franchise congressional approval," he explained in a text message.
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