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Union Budget 2009: Digital & Media Stocks Drop Sharply

A majority of the Telecom, Digital and Media stocks declined following the announcement of the Union Budget 2009 today, in comparison with the closing price registered at the end of last week. Some key developments: -- Public Sector Telecom operator MTNL registered the sharpest drop of 10.26%, following no announcement of disinvestment plans for sister concern BSNL -- Reliance ADA Group company Adlabs fell by 9.44 percent -- TV18 India fell by 9.24% Our complete coverage of the Union Budget 2009 here, with details relevant to the Telecom and Digital Media industry. Surprisingly, film company Mukta Arts rose by 1.3%, while Info Edge India, which owns the job portal Naukri.com, rose by 0.47%. The Finance Minister announced the setting up of a national job portal, in a Public Private Partnership model. The rest of the Indian Telecom, Digital and Media…

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