Dish TV shares rise 13% on lenders’ move to change management

Shares of Dish TV zoomed 13 per cent on Tuesday, following reports that one of its lenders, YES Bank, had sent a notice to the company to remove the top management, along with its independent directors, after the company board decided to raise Rs 1,000 crore via a rights issue.

On Tuesday, Dish TV shares closed at Rs 15.54 a share, giving it a total market valuation of Rs 2,861 crore.

Although Indian lenders, who currently own a majority stake in the loss-making Dish TV, are planning to overhaul the direct-to-home service provider’s management, analysts say lenders have a slim chance of recovering their loans, given the dire financial metrics of the company.