Zee Entertainment shares were trading 1% below its previous close on 31 August after Quant Mutual Fund offloaded a 0.5% stake in the company.

Quant Mutual Fund sold 48.15 lakh shares of Zee Entertainment Enterprise through open market transactions at an average price of Rs 266.61 per share, which amounted to a total of Rs 128.38 crore.

No specific reason has been addressed behind the stake sale; however, such moves are common in the investment landscape as companies continuously evaluate and adjust their portfolio to optimize returns and manage risks.

In the last six months, the company’s stock has given a return of 36.07% against the 11.81% return of the benchmark Nifty50 index in the same period.

At 1:35 pm, the shares of Zee Entertainment were trading at Rs 263.25 or 1.09% below its previous close on NSE.