March 6: Zee Entertainment Faces F&O Ban

6 Mar 2024 , 09:39 AM

Zee Entertainment Enterprises was placed under the F&O trade ban on Wednesday, with the Market Wide Position Limit (MWPL) at 92.3% on the preceding Tuesday and an Open Interest (OI) of 122.6 million, reflecting a 1.2% decline from the previous session.

The stock entered the ban on Saturday, as BSE and NSE chose to keep the market open during the weekend holiday to assess the system’s readiness in unforeseen circumstances.

Future & Options contracts of any stock enter a ban period when the Open Interest (OI) crosses 95% of the Market Wide Position Limits (MWPL), and the ban is lifted only when the OI falls below 80%.

Traders dealing with indices are not subject to security bans. Zee shares concluded at ₹155.20 on the NSE on Tuesday, experiencing a minor increase of ₹0.30 or 0.19%. The stock witnessed substantial trading activity, with over 1.26 Crore shares changing hands on the NSE at closing, and the total traded value in the cash market reached ₹196.94.

Zee has been in the spotlight following the termination of its deal with Sony, resulting in a 1-year loss of nearly 20%. Indian benchmark indices closed in the red on Tuesday, breaking a four-session gaining streak. The decline was primarily driven by IT stocks, as CLSA downgraded TCS and HCL Technologies, expressing a pessimistic outlook for 2024.

The S&P BSE Sensex settled at 73,677.13, down by 195.16 points or 0.26%, while the broader Nifty closed at 22,356.30, lower by 49.30 points or 0.22%.

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