Shares of Zee Entertainment Enterprises Limited (ZEEL) on Monday tumbled over 6 per cent in the mid-session trade even as NCLAT stayed the insolvency proceedings against the media house last week.
The stock of the firm plunged 6.44 per cent in the mid-session trade at Rs 183 on the BSE. During the intra-day trade, the stock fell 10 per cent to Rs 176.60.
On the NSE, it slumped 6.24 per cent to Rs 183.35.
On Friday, the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceedings initiated against ZEEL.
The matter pertains to a default of Rs 89 crore by Essel Group's multisystem operator arm Siti Networks claimed by IndusInd Bank, for which ZEEL was a guarantor.
The NCLAT order is a major reprieve for ZEEL, which is merging with rival Culver Max Entertainment, formerly known as Sony Pictures Networks India, creating India's biggest media empire.
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