Zee Entertainment extends fall; stock down 4%

The stock was down 3.7% to Rs 527 on BSE in intra-day trade, extending its previous day's nearly 4% fall.

Zee Entertainment Enterprises was down 3.7% to Rs 527 on BSE in intra-day trade, extending its previous day’s nearly 4% fall, after a media report stating that the Subhash Chandra-promoted company plans to buy Anil Ambani-owned Reliance Broadcast Networks for Rs 1,872 crore.

On clarification of the news item which appeared in The Economic Times on Thursday the company said the report/article is only a media speculation.

“As company, we keep exploring options from time to time and will inform the exchanges/media/shareholders, if and as and when any such decision(s) are reached,” Zee Entertainment said in a BSE statement. LINK

At 01:40 pm, the stock was down 3% at Rs 530 on the BSE, as compared to 0.20% rise in the S&P BSE Sensex. A combined 3.01 million shares changed hands on the counter on the BSE and NSE so far.