New Delhi, Apr 28 (IANS): Shares of TV18 and Network 18 Media & Investments plunged sharply on Thursday.

At 3.29 p.m., the shares of the two entities traded at a 16.7 per cent and 20 per cent lower circuit, respectively.

As per reports, investors booked profit in these shares after Reliance and Viacom18 announced a partnership with Bodhi Tree Systems.

Reliance and Viacom18 on Wednesday announced a strategic partnership with Bodhi Tree Systems -- a platform of James Murdoch's Lupa Systems and Uday Shankar -- to form one of the largest TV and digital streaming companies in India.

Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a "streaming-first" approach.

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.

Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.