Sri Adhikari Brothers Television Network Ltd Hits Lower Circuit Amid Heavy Selling Pressure

Intraday Price Action and Circuit Breaker Trigger

On 18 Feb 2026, SABTN opened sharply lower at ₹1,628, exactly 5% below its previous close, and remained locked at this price throughout the trading session. The stock’s price band was set at ₹5, with the high and low both recorded at ₹1,628, indicating no intra-day recovery. This triggered the lower circuit breaker, halting further declines and reflecting maximum daily loss permissible under exchange rules.

The total traded volume was a mere 9,130 shares (0.00913 lakh), with turnover amounting to ₹0.15 crore, underscoring subdued trading activity despite the steep price fall. The lack of upward price movement and absence of range during the day highlight the dominance of unfilled sell orders and a lack of buying interest at lower levels.

Heavy Selling Pressure and Investor Sentiment

The stock has been under sustained pressure, having declined by 18.6% over the past five trading sessions. This consecutive fall has intensified panic selling, with investors rushing to exit positions amid concerns over the company’s fundamentals and sector outlook. SABTN underperformed its sector by 5.25% on the day, while the broader Sensex managed a marginal gain of 0.03%, reflecting a divergence between the stock’s performance and market trends.

Delivery volumes on 17 Feb 2026 plummeted by 95.25% compared to the five-day average, signalling a sharp fall in investor participation and confidence. This steep drop in delivery volume suggests that most trades were intraday or speculative, with fewer investors willing to hold the stock amid uncertainty.

Technical and Fundamental Context

From a technical standpoint, SABTN’s current price is above its 100-day and 200-day moving averages, which typically indicate longer-term support levels. However, it remains below the 5-day, 20-day, and 50-day moving averages, signalling short- to medium-term bearish momentum. This mixed technical picture adds to the complexity for traders and investors trying to gauge the stock’s near-term direction.

Fundamentally, SABTN is classified as a small-cap company with a market capitalisation of approximately ₹4,397 crore. The company operates in the highly competitive Media & Entertainment industry, which has faced headwinds due to changing consumer preferences and digital disruption. SABTN’s Mojo Score currently stands at 37.0, with a Mojo Grade of ‘Sell’, downgraded from ‘Strong Sell’ on 4 Sep 2025. This rating reflects cautious sentiment from analysts, highlighting concerns over valuation, earnings growth, and sector challenges.

Market Liquidity and Trading Dynamics

Despite the sharp price fall, SABTN remains sufficiently liquid for moderate trade sizes, with liquidity assessed at 2% of the five-day average traded value supporting trade sizes up to ₹0.05 crore. However, the sharp decline in delivery volume and the stock’s lock at the lower circuit indicate that sellers have overwhelmed buyers, creating a supply-demand imbalance that has yet to be resolved.

The stock’s inability to recover intraday and the absence of upward price movement suggest that panic selling is the dominant force. This scenario often leads to unfilled supply orders accumulating at lower price levels, which could weigh on the stock in the near term unless positive triggers emerge.

Sectoral and Broader Market Comparison

While SABTN’s sector, Media & Entertainment, experienced a modest decline of 0.28% on the day, the stock’s 5% drop significantly outpaced sector losses. This divergence highlights company-specific concerns rather than broad sector weakness. The Sensex’s marginal gain of 0.03% further emphasises that SABTN’s decline is largely isolated and driven by internal factors.

Investors should note that the Media & Entertainment sector is undergoing structural shifts, with digital content consumption rising and traditional broadcasting facing challenges. Companies like SABTN must adapt rapidly to maintain growth and profitability, and failure to do so can result in heightened volatility and investor scepticism.

Outlook and Investor Considerations

Given the current scenario, investors should approach SABTN with caution. The stock’s recent downgrade from ‘Strong Sell’ to ‘Sell’ indicates some stabilisation in analyst sentiment, but the persistent selling pressure and circuit lock suggest that negative sentiment remains entrenched.

Potential catalysts for recovery could include improved quarterly earnings, strategic partnerships, or sector tailwinds from digital content growth. However, until such developments materialise, the risk of further downside remains elevated.

Investors are advised to monitor delivery volumes and price action closely, as sustained low participation combined with circuit hits often precedes either a sharp rebound or continued weakness. Diversifying exposure within the Media & Entertainment sector or considering fundamentally stronger alternatives may be prudent.

Summary

Sri Adhikari Brothers Television Network Ltd’s plunge to its lower circuit limit on 18 Feb 2026 reflects a confluence of heavy selling pressure, panic among investors, and a lack of buying interest. The stock’s 5% daily loss, coupled with a 95% drop in delivery volumes, underscores a fragile investor sentiment amid sectoral challenges and company-specific concerns. While the stock remains technically supported by longer-term moving averages, short-term momentum is decidedly negative. Investors should weigh the risks carefully and consider alternative opportunities within the sector.

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