Den Networks slips 11% on calling off merger with TV18 Broadcast

Shares of TV18 Broadcast and Network18 Media & Networks surged 16 per cent and 14 per cent, respectively, on the BSE in intra-day trade on Thursday after the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media was called off by Mukesh Ambani-led Reliance Industries (RIL).

The stock of Den Networks slipped 11 per cent to Rs 41.60, while that of Hathway Cable & Datacom declined by 6 per cent to Rs 20.50 on the BSE in intra-day deals today. In comparison, the S&P BSE Sensex was up 0.35 per cent at 47,871 points at 01:04 pm.

Den Networks, a cable distribution company owned by RIL, said on Wednesday that it had decided against proceeding with the composite scheme of arrangement in which it was to merge into Network18 along with its sister concerns.