Shares of Network18 Media & Investment Ltd. slumped over 10% on Thursday after it announced the merger of its television and digital business.
TV18 broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company, an exchange filing said.
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While, e-Eighteen.com Ltd. shareholders will get 19 fully paid-up equity shares of Rs 5 each of Network18, for every one equity share held in the digital unit.
Shares of the company fell 10.31%, before paring loss to trade 8.48% lower at 09:56 a.m. This compares to a 0.27% decline in the NSE Nifty 50.
The stock has risen 36.16% on a year-to-date basis. Total traded volume so far in the day stood at 9.4 times its 30-day average. The relative strength index was at 60.87.
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