Network18 Media, TV18 Broadcast tank up to 19% in a firm market; here's why

Reliance and Viacom18, on Wednesday, announced a strategic partnership with Bodhi Tree Systems to form one of the largest TV and digital streaming companies in India

Shares of Reliance Group companies -- Network18 Media & Investments, and TV18 Broadcast -- slipped up to 19 per cent on the BSE in Thursday's intra-day trade amid heavy volumes. Investors booked profit in the shares of the two companies after Reliance and Viacom18 announced partnership with Bodhi Tree Systems.

Network18 Media tanked 19 per cent to Rs 92.40 amid 2.5 times jump in trading volumes. A combined around 25 million equity shares had changed hands on the NSE and BSE till the time of writing of this report. TV18 Broadcast, meanwhile, slipped 17 per cent to Rs 62