Shares of Zee Entertainment Enterprises halted its rally and closed the trade nearly 3 percent lower on Wednesday amid profit-taking.
Earlier in the day, Zee Entertainment Enterprises jumped 15 percent after Rakesh Jhunjhunwala's Rare Enterprises and BofA Securities Europe SA bought its shares through open market transactions.
The stock which gained 12.86 percent to its 52-week high of Rs 295.15 during the day on the BSE, later gave up all the gains and closed at Rs 255.95, a decline of 2.12 percent.
On the NSE, it zoomed 14.98 percent to its 52-week high of Rs 300.75 during the day and then dipped 2.69 percent to close at Rs 254.50.
Shares of Zee Entertainment Enterprises Limited on Tuesday zoomed 40 percent after two investment firms sought the removal of the current Managing Director Punit Goenka from the board of the company.
Ace investor Jhunjhunwala's Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions.
Rare Enterprises bought 50 lakh scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.
Rare Enterprises' purchase value stood at Rs 110.22 crore, while that of Bofa Securities Europe was Rs 114.92 crore.
BofA Securities Europe SA - Odi is a public shareholder of Zee Entertainment and held a 1.03 percent stake at the end of the June 2021 quarter.