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With the lack of any positive triggers, media stocks have been losing ground in the market.

Dealers say that investors are looking to book profits in this sector, especially in Zee Telefilms and Adlabs Films.

According to market participants, several large investors are unwinding their positions in Zee, seeking to book profits now and look for possible re-entry at lower levels. The stock closed on Tuesday at Rs 189.25 on the BSE.

Adlabs films is also witnessing high selling. The stock shed Rs 9.40 or 2.15 per cent to close at Rs 419.70. It was trading at over Rs 470 six weeks ago. The BSE reported trades of 3.45 lakh shares while on the NSE, over 7 lakh shares were traded.

Dealers say that investors who bought the stock during its IPO are booking profits now as brokers have been cautioning them of stretched valuations.

Veena Venugopal

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