Stock Market Today: Zee Shares Tank 30%, HDFC Bank Falls; Here’s Why Equities Tumbled?

Bears took control of Dalal Street on January 23, 2024, as indices closed deep in the red. At close, Sensex was down 1053 points at 70,370. Nifty declined 333 points and ended the session at the 21,238 mark.

Around 504 stocks advanced and 2,106 stocks declined while 70 stocks remained unchanged.

Barring the pharma index, all other sectoral indices ended in the red, down up to 12 percent.

Nifty Media crashed over 12 percent with Zee Entertainment tanking over 30 percent. Realty shed over 5 percent PSU Bank shed 4 percent while the metal index slipped 3 percent.

Also read: India Pips Hong Kong, Becomes 4th Largest Stock Market in The World

Bank Nifty fell over 2 percent. The top losers were IDFC First Bank, IndusInd Bank, and PNB which declined over 6 percent each. These were followed by SBI, Bank of Baroda, and HDFC Bank.

Top Nifty50 Gainers

Top Nifty50 Losers

Most active stocks on NSE in terms of volumes

Asian markets end higher

Asian markets barring the Indian stock market ended mostly in the green. Japan’s Nikkei ended flat at 36,517 while Hong Kong’s Hang Seng index jumped almost 3 percent. Kospi added 0.5 percent and ended the session at 2,478 level.

Stocks that were in action

Zee Entertainment: down 30%

The share price of Zee Entertainment tanked over 30 percent on January 23 after Sony called off its deal with Zee Entertainment. Sony decided to cancel the merger, pointing to delays in finalizing the deal by the deadline and failures in fulfilling the closing conditions stipulated in the agreement. Additionally, the company is pursuing a $90 million termination fee due to purported violations of the Merger Cooperation Agreement (MCA).

“Sony Pictures Networks India Private Ltd. (now known as Culver Max Entertainment Limited), a wholly-owned subsidiary of Sony Group Corporation, issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd. relating to the merger of ZEEL with and into SPNI, which was previously announced on December 22, 2021,” the press release said.

Cipla: up 7%

The stock price of Cipla surged by 7 percent in a generally weak market following the pharmaceutical company’s announcement of strong earnings. For the quarter, the company reported a 32.7 percent YoY increase in net profit, reaching Rs 1,049 crore. This comes despite incurring an exceptional loss of Rs 194.8 crore. A 14.2 percent year-on-year increase in revenue supported the growth in the bottom line, with revenue reaching Rs 6,544 crore for the October-December period.

Additionally, during the third quarter, the drugmaker filed for the generic version of the asthma drug Symbicort and another inhalation product. Looking ahead, Cipla has plans to launch four peptide products in the financial year 2025.

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