Latest News | Zee Entertainment Shares Rally over 8 Pc

New Delhi, Feb 28 (PTI) Shares of Zee Entertainment Enterprises Ltd (ZEEL) jumped over 8 per cent in morning trade on Tuesday after the National Stock Exchange said it would include the company back into the futures and options segment.

At the NSE, it rallied 8.11 per cent to Rs 197.80.

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The stock climbed 8 per cent to Rs 197.75 on the BSE.

This comes after the National Company Law Appellate Tribunal (NCLAT) stayed insolvency proceeding against ZEEL on Friday.

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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.

In a circular on Monday, NSE said it has withdrawn its previous decision, whereby it had excluded ZEEL from the F&O segment.

Further, in addition to existing contracts with expiry months of March and April, the futures and options contracts with May expiry will be made available for trading with effect from February 28, the exchange said.

Shares of Zee Entertainment declined more than 6 per cent on Monday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)