Pro7 could be bumped off MDAX index
Stock trading down more than 7% at under $1.50 a shareCOLOGNE, Germany -- Shares in European broadcaster ProSiebenSat.1 sank from rock bottom to subterranean Wednesday amid speculation the stock could be booted off Germany's MDAX index.
ProSieben shares opened slightly up but quickly headed south on news that the group booked a $162 million loss last year on shrinking revenue while debt increased to $4.2 billion. By late afternoon, the stock was down more than 7%, trading at less than $1.50 a share.
The share price means ProSieben has a market capitalization of about $160 million, lower than any of the other companies listed on the MDAX, a German index for mid-sized firms.
German stock market authorities are expected to decide after close Wednesday whether the group -- Europe's second-largest broadcaster -- should be kicked off the MDAX, a move that could further hurt ProSieben with investors.