Wednesday was not a good day for Zee Telefilms stocks. This inspite of the fact that the net profit of the company went up by 160%. Zee stocks hit the circuit of 12% at both BSE and NSE.'

Zee stocks fell by Rs 85 to Rs 621 on the BSE. Rumor has it that the India's petroleum baron who owns one of the largest companies has waged a war against the New Economy stocks. It is said that Satyam and Infosys shares will also witness the same fate in the coming days.

Zee has already downsized its ADR issue. In fact it will be going in for private placements to the tune of $200 million in contrast to the initial ADR of $1.5 billion.

The fall in Zee prices had an adverse effect on the whole of BSE which fell by over 120 points or 2.62%.