Nifty Media recovers early losses, index holds steady as DishTV skyrockets 11%

Except for DishTV, all other stocks were either trading flat or in red.

Sep 07, 2021 01:09 IST India Infoline News Service

The Nifty Media index has recovered early losses due to massive buying in DishTV stock on Tuesday. During the early trade, the index had nosedived by at least 1%, however, at the beginning of the second half, the index has held steady. Except for DishTV, all other stocks were either trading flat or in red.

At around 12.50 pm, the Nifty Media was trading at 1,668.40 up 7 points or 0.4%. The index has touched an intraday high and low of 1,685.10 and 1,655.80.

DishTV was the top gainer surging 11%. The stock rallied sharply after Yes Bank sent special notices to the company demanding the removal of the latter's Managing Director and four other board members.

In the notice, Yes Bank has asked removal of Jawahar Lal Goel as the Managing Director of DishTV. Four other directors namely Dr Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Mathai Kurien - are also asked to be ousted from their position at DishTV.

Inox Leisure was marginally up, while DB Corp and ZEEL traded flat.

On the contrary, Jagran Prakashan was the top bear plunging 1.3% followed by SunTV and Network 18 fell 0.9% each. PVR slipped 0.8%.

While, shares of TV18 Broadcast and TV Today traded flat but in red. 

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