Zee Entertainment shares rally over 8%
This comes after the NSE said it would include Zee Entertainment back into the futures and options segment. On Friday, the National Company Law Appellate Tribunal had stayed insolvency proceeding against the company.
Shares of Zee Entertainment Enterprises Ltd jumped over 8% in morning trade on Tuesday after the National Stock Exchange (NSE) said it would include the company back into the futures and options (F&O) segment.
At the NSE, the share rallied 8.11 % to Rs 197.80. The stock climbed 8% to Rs 197.75 on the BSE.
This comes after the National Company Law Appellate Tribunal (NCLAT) stayed insolvency proceeding against Zee Entertainment on Friday.
The matter pertains to a default of Rs 89 crore by Essel Group's multisystem operator arm Siti Networks, claimed by IndusInd Bank, for which Zee Entertainment was a guarantor.
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The NCLAT order is a major reprieve for Zee Entertainment, which is merging with rival Culver Max Entertainment, formerly known as Sony Pictures Networks India.
In a circular on Monday, the NSE said it has withdrawn its previous decision, whereby it had excluded Zee Entertainment from the F&O segment. Further, in addition to existing contracts with expiry months of March and April, the F&O contracts with May expiry will be made available for trading with effect from February 28, the exchange said.
Shares of Zee Entertainment had declined more than 6% on Monday.
The stock ended 6.65 % lower at Rs 182.55 apiece on the NSE.
On the BSE, it settled at Rs 183 each share, lower by 6.44 %. During the day, the stock slumped 10% to hit an intra-day low of Rs 176.60 per piece.
Edited by Swetha Kannan