Zee Media shares fall as HDFC MF sells 3.15% stake for Rs 26 crore

NEW DELHI: Shares of Zee Media fell over 4 per cent in intraday trade on Monday after HDFC Mutual Fund sold 3.15 per cent stake in media and entertainment firm Zee Media Corporation for over Rs 26 crore. The stock ended 1.5 per cent lower at Rs 19.05.

HDFC Mutual Fund, which had a 5.05 stake earlier, brought down its shareholding in the company to 1.89 per cent, Zee Media Corporation said in a filing to BSE.

The fund house sold 1.48 crore shares, or 3.15 per cent, in the open market on July 9 and based on the closing stock price of Rs 17.70, the transaction value is estimated at Rs 26.26 crore.