Zee Entertainment Enterprises (ZEEL) is under the F&O ban list on Thursday, January 25. Meanwhile, all five stocks in ban on Wednesday have moved out viz. Balrampur Chini Mills, Indian Railway Catering and Tourism Corporation (IRCTC), National Aluminium Company, Oracle Financial Services Software (OFSS) and RBL Bank.
Zee re-entered the ban after a gap of one day following a strong trade in the previous session where the stock ended with gains of over 6% after witnessing losses for three consecutive sessions following Sony’s termination of the merger deal between the two.
The stock moved higher on dip buying by investors. The company has approached the National Company Law Tribunal (NCLT) seeking directions to implement the merger scheme. Zee has also initiated appropriate legal action to contest Culver Max and Bangla Entertainment Pvt. Ltd’s (BEPL) claims in the arbitration proceedings before Singapore International Arbitration Centre (SIAC).
In its reply to Culver Max and BEPL, the media conglomerate denied any breach of its obligations under the MCA and reiterated that it “has complied with all its obligations in good faith”.
Also read | Zee-Sony merger cancelled: CLSA downgrades Zee shares to sell
For Zee, MWPL stood at 100.4% on Tuesday with OI reported by Trendlyne at 14.4 million. It was down 82.2% from the previous session.
The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.
Traders who trade in indices do not encounter a situation of security ban.
Indian benchmark indices ended with robust gains on Wednesday, ending their two-session losing streak led by auto, IT and FMCG stocks. While S&P BSE Sensex settled at 71,060.31, down by 689.76 points or 0.98%, the broader Nifty closed with a decline of 227.10 points or 1.07% at 21,465.90.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
