The Nifty Media index declined in the last hour of Tuesday's trading session. The index was down 1% at 2,463 amid heavy selling in Zee Entertainment, Zee Media, Jagran, and Network18.
Shares of Zee, and Zee Media, which were 3%, each, were leading the index’s fall. Shares of PVR, Dish TV, DB Corp, and Inox Leisure were trading in the negative zone.
Shares of Zee Ent slipped 3% and among top losers on the Nifty50 index. The promoters of Zee Entertainment have sold Rs332cr worth of the firm’s shares in recent months, according to exchange disclosures.
Meanwhile, Essel Corporate has sold Rs105cr worth of shares between March 13 and March 25, bringing down the promoter entity’s stake to 3.04% from 3.28%.
On the flip side, Hathway, Sun TV, and TV Today were trading in the positive territory.
Meanwhile, indices were trading higher on Tuesday with the Sensex gaining 144 points at 39,016 levels. The Nifty also rose 27 points at the 11,696-mark.