The Nifty Media index surged 4% on Monday amid sharp recovery in the shares of Zee Entertainment. Shares of Zee Entertainment, which surged 9%, were leading the index’s gain.
The Zee Entertainment stock witnessed a recovery after its promoter informed that the management has reached an understanding with lenders having a pledge on Zee Group's promoters’ stake that "a steep decline in the shares of group companies will not lead to a default".
Sun TV, TV Today, and PVR also contributed to gain, rising 1% each.
Notably, Zee Media, Dish TV, and Eros Media plunged 19%, 5%, and 3%, respectively.
Meanwhile, equity indices were trading in the red with the Sensex declining 340 points to 35,683-levels. The Nifty also declined 108 points at 10,672 levels, well below its key levels of 10,700.
Incidentally, India VIX, a measure of the market’s expectation of volatility over the near term, rose 8%.
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