In the morning, before Sitharaman stormed the market, the Essel group of shares were having a really tough time. Dish TV hit a 10-year low at Rs.16 and Zee Entertainment (ZEEL) too hit a new low at Rs.272. Zee Media fell 13% to Rs.10.01.
These Essel group stocks tumbled down was down on reports that Subhash Chandra, promoter of the group, was refrained from selling his unpledged stakes till next month by Delhi High Court-appointed arbitrator.
This pertains to an on-going dispute with Indiabulls Housing over default in payment of loans worth Rs.200 crore.