Nifty Media index declined 2% on Tuesday amid heavy selling pressure in Dish TV
, Zee Entertainment
, TV Today, Eros Media
, Zee Media
, and Jagran Prakashan
Shares of Dish TV and Zee Entertainment, which declined 9% and 8%, respectively, were leading the index’s fall. Shares of Zee Media also contributed to the fall, declining 3%. Shares of Hathway and TV Today slipped 2% each, while those of Eros Media, Jagran Prakashan, and PVR
declined 1% each.
However, the index’s sharp fall was cushioned by Network 18
, TV18 BroadCast
, which gained 2% each.
Meanwhile, equity benchmark indices erased its morning gain and turned red in the noon session on Tuesday. The Sensex fell 24 points at 38,575 levels and the Nifty slipped 17 points at 11,575 levels, well below its key level of 11,600.