Zee Entertainment tanks 10% in 2 days, stock nears 52-week low | News on Markets – Business Standard

Zee Entertainment tanks 10% in 2 days, stock nears 52-week low | News on Markets – Business Standard

Shares of Zee Entertain Enterprises (ZEEL) continued to reel under selling pressure, falling another 4 per cent to Rs 155 on the BSE in Thursday’s intra-day trade amid heavy volumes.  

The stock of television broadcasting & software production company was trading close to its 52-week low of Rs 152.50 touched on January 23, 2024. The counter has seen huge trading volumes with a combined 35.64 million equity shares changing hands on the NSE and BSE till 11:09 am.

In the past two trading days, the stock has tanked 10 per cent after the company’s board expanded the scope of an independent advisory panel to include investigation assessment.

The announcement by the company comes amid a probe by market regulator, the Securities Exchange Board of India (Sebi), against its promoters for alleged fund diversion.

Last week, on February 23, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company.

Since February 20, in the past seven trading days, the market price of ZEEL has slipped 20 per cent following reports that SEBI found Rs 2,000 crore accounting and funds divergence issue at the company.

ZEEL, however, clarified that the news items and rumors pertaining to accounting issues in the company as incorrect, baseless and false.

Pursuant to the SAT order dated October 30, 2023 granting relief to the current Key Managerial Personnel (KMP) of the company, the company has been in the process of providing all the comments, information or explanation requested by SEBI, and has extended complete co-operation on all aspects, the company said in an exchange filing.

In this regard, the company is not aware of any order wherein SEBI has recorded any finding and therefore it has been falsely reported in the above mentioned news articles, ZEEL said. CLICK HERE FOR FULL DETAILS

Meanwhile, ZEEL also clarified that the company has not been involved in any negotiations, or any other event with Sony deal, and the company categorically confirm that the news item is factually incorrect. ZEEL had made clarification on news reports of the company’s attempt to revive the $10 billion Sony deal. CLICK HERE FOR FULL DETAILS

First Published: Feb 29 2024 | 11:29 AM IST


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