New Delhi, Feb 28 (PTI) Shares of Zee Entertainment Enterprises Ltd (ZEEL) rebounded nearly 7 per cent on Tuesday after the National Stock Exchange said it would include the company back into the futures and options segment.
At the NSE, it ended at ₹195.60, higher by 6.91 per cent. During the day, it rallied 8.49 per cent to ₹198.50.
The stock climbed 6.69 per cent to settle at ₹195.25 on the BSE. In intra-day trade, it zoomed 8 per cent to ₹197.75.
In volume terms, 9.82 lakh shares of the firm were traded on BSE and over 1.93 crore shares on the NSE during the day.
The NSE's move came after the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceeding against ZEEL on Friday.
The matter pertains to a default of ₹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In a circular on Monday, NSE said it has withdrawn its previous decision, whereby it had excluded ZEEL from the F&O segment.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.