The Nifty Media index plunged 4.5% on Monday's intra-day trading session, significantly underperforming the broader market. According to reports from Business Standard, the media index was down 3.6% at 1,545.05 as of 10:57 AM, compared to a 0.69% decline in the Nifty 50. The index hit a low of 1,530.20 during intraday trading, reflecting widespread selling pressure across media and entertainment companies.
Zee Entertainment Enterprises (ZEEL) emerged as the biggest loser, tanking 14% to ₹86.90 on the NSE amid heavy trading volumes. As reported by The Economic Times, the stock crashed to its lowest level since May this year and is on track to record the sharpest single-day plunge in nearly a month. The latest decline comes after the NCLT approved Subhash Chandra's repayment plan under his personal insolvency proceedings, with the stock now falling for four consecutive sessions and down around 17% over the four-session period. The sharp decline came after the company faced significant challenges with its debt repayment plan approval.
The NCLT approved a repayment plan providing ₹6.25 crore to creditors and ₹25 lakh towards process costs, against admitted creditor claims of around ₹22,006 crore. According to ET Now, this translates to an effective haircut of 99.97% on the admitted creditor claims. The approval effectively represents a massive debt restructuring, with the case relating to Subhash Chandra's personal insolvency resolution process as a guarantor to debts owed by various Essel Group entities. Canara Bank, Union Bank of India and LIC Housing Finance on Saturday said they will challenge the NCLT's order approving the repayment plan.
Network18 Media & Investments' share price slipped 5% to ₹27.40, approaching its 52-week low of ₹27.38 touched on March 30, 2026. According to Business Standard, the stock has tanked 36% year-to-date in 2026, significantly underperforming the 6.8% rise in the Nifty Media index. The company operates across broadcasting, digital content, print and allied businesses.
Sun TV Network hit a new 52-week low of ₹458.60, down 3.3% in Monday's intra-day trading. As reported by Business Standard, Saregama India and Prime Focus were down 4% and 3%, respectively. Year-to-date, Sun TV Network plunged 21%, reflecting the broader weakness across the media sector. The selling pressure comes as investors assess the implications of the NCLT order and the large gap between admitted claims and proposed repayment amounts.
