Shares of Zee Entertainment Enterprises Ltd (ZEEL) declined more than 6 per cent on Monday even as NCLAT stayed the insolvency proceedings against the media house last week.
The stock ended 6.65 per cent lower at Rs 182.55 apiece on the NSE.
On the BSE, it settled at Rs 183 each share, lower by 6.44 per cent. During the day, the stock slumped 10 per cent to hit an intra-day low of Rs 176.60 per piece.
In volume terms, 7.12 lakh shares of the firm were traded on the BSE and over 2.32 crore shares on the NSE during the day.
Meanwhile, the 30-share BSE Sensex benchmark ended 175.58 points or 0.30 per cent lower at 59,288.35 points on Monday.
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.