Zee Entertainment Enterprises (ZEEL) is on the F&O ban list on Wednesday, January 31. The stock has re-entered the ban after a gap of two sessions following strong gains in the previous session wherein it rallied nearly 6%.

For Zee, the MWPL stood at 95.5% on Tuesday with OI reported by Trendlyne at 118.9 million. It was up 13.8% from the previous session.

The stock has been moving in either direction based on the news flows. On Tuesday, the Zee shares regained momentum on news reports that Subhash Chandra could hike his stake in the company.

The exchange also sought clarification from Zee concerning a recent news item captioned ‘Subhash Chandra’s statements on ZEEL stake hike under Sebi scrutiny’.

“In this regard, we wish to clarify that the Company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading,” the company later clarified.

“Further, the statement quoted in the above-mentioned news article does not represent a decision or proposal that has been considered or approved by the Board. The Company cannot on its own confirm or deny the above-mentioned new items and its source. As such, the Company has no disclosures to make to the stock exchanges as on date in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’),” the exchange filing said.Earlier, following Sony’s termination of the merger deal between the two, the stock moved up after the company 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

The Future & Options 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 declines on Tuesday led by selling pressure in IT, auto and bank stocks. While S&P BSE Sensex settled at 71,139.90, down by 801.67 points or 1.11%, the broader Nifty closed with declines of 215.50 points or 0.99% at 21,522.10.

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