Astro shares hurt by Netflix’s entry and weaker ringgit

More competition: An Astro Malaysia Holdings Bhd signage stands beside a satellite dish at the broadcaster’s headquarters in Kuala Lumpur. An analyst felt Astro’s share price has dropped due to entry of more players in the field. – Bloomberg

SATELLITE pay TV company, Astro Malaysia Holdings Bhd shares have come under pressure in recent weeks and were further bruised after news broke of Netflix’s entry into the country recently.

Astro’s share price has fallen below its IPO price of RM3 to its record low since its listing in October 2012. It closed at RM2.56 on Friday, 15% or 44 sen from its IPO price.