RelianceNSE -3.31 % Mutual Fund has sold shares of Zee EnterprisesNSE 7.93 % worth Rs 410 crore that the Essel Group promoters had pledged with the asset manager to raise money. The fund house sold the shares in the open market on Wednesday, sending the shares tumbling by 9.7 per cent after declining 5 per cent the previous day.
Reliance Mutual may have unwound all the pledged shares of Zee after the sale, said a person familiar with the matter. The asset management company is the first ..