You must understand that Zee group companies had raised loans from many mutual funds (including Reliance Mutual Fund) by pledging shares. These shares were bought by these funds in their fixed maturity plans and other debt plans. You may remember that some of the mutual funds like HDFC, Birla and Kotak had sought postponement of FMP redemption as Zee group was not in a position to repay these loans. At that point of time, Zee had struck a deal with these mutual funds to hold on till September by which time it would sell stake in the parent company and repay these loans.

However, Zee is yet to find a buyer for its stake and that may happen at lower prices. That could be one reason why Reliance MF has sold these shares. As far Zee stock is concerned, it has been very vulnerable in the last few months and that pressure will continue till the deal is struck to sell a stake in the company. As an investor you must not be invested in that stock till there is clarity on this subject. You can also look to play the stock on the downside by buying put options but ideally you should do it when the stock gives a bounce.