Nifty Media slips 3%; Zee down after Subhash Chandra resigns as chairman

On the flip side, Hathway and Zee Media gained 4% each, Balaji Telefilms and Music Broadcast are also up 1% in the Nifty Media index.

Nov 26, 2019 05:11 IST India Infoline News Service

The Nifty Media index slipped 3% at 1,901.80 levels in the late morning trade. Shares of Zee Ltd fell over 6.5% after the company said it has completed the process of reconstitution of the board and appointed three new independent directors. Subhash Chandra stepped down as chairman of the company, a week after debt-ridden promoters’ holding in the broadcaster fell to 5% after selling the additional stake.

Shares of Network18 dropped 3.5%, followed by Jagran, PVR, TV18 Broadcast slipped over 2% in the late morning trade. Dish TV, Sun TV, Saregama and DB Corp, TV Today and Inox Leisure were slipped today’s trade.

On the flip side, Hathway and Zee Media gained 4% each, Balaji Telefilms and Music Broadcast are also up 1% in the Nifty Media index.

However, the stock market erased gains after touching record highs, as investors cheered signs of fresh progress in the trade negotiations between the US and China.

The Nifty50 index was up 8 points to 12,081, while the Sensex rose 55 points to 40,944.

Aditya Birla Capital, Adani Enterprises, Adani Green, Chalet Hotels, Jubilant Foodworks, Pearl Polymers, Reliance Industries and TIPS Industries hit a 52-week high on the NSE.

Related Story