Last Updated: February 21, 2024, 11:30 IST
Zee Entertainment Enterprises Ltd.
Zee Entertainment Limited shares cracked virtually 10 per cent in morning commerce in the present day; Know particulars
Zee Shares Locked In Lower Circuit Today: Beleaguered media agency Zee Entertainment Limited shares cracked 14.3 per cent to Rs 165.5 apiece on the BSE in in the present day’s commerce on February 21 after Bloomberg reported that Sebi has discovered that about $241 million might need been diverted from the corporate.
As a part of its investigation into Zee founders, SEBI has disclosed that roughly Rs 2,000 crore ($241 million) could have been redirected from the corporate. This quantity is almost ten occasions greater than SEBI investigators initially estimated, the report added.
Moreover, the regulator has additionally summoned Zee founders Subhash Chandra, his son Punit Goenka, and sure board members of the embattled media agency, to offer explanations, based on the Bloomberg report.
However, Zee has refuted media reviews that claimed a $240 million, or Rs 2,000 crore ‘accounting hole’ and termed it incorrect and false.
“Reports and rumours pertaining to accounting issues in company are incorrect and false. We are in process of providing all comments requested by SEBI and have extended complete co-operation on all aspects,” information company Reuters quoted the corporate as saying.
Zee shares have seen a large downfall just lately after the collapse of its merger with Sony Group Corp’s India unit. The inventory has fallen 30 per cent 12 months-to-date (YTD).
On Tuesday night, Zee Entertainment Enterprises clarified on reviews by The Economic Times about renewed talks with Sony to revive the scrapped merger deal. Zee in a press release mentioned that the report was “incorrect” and that the corporate was “not involved in any negotiations”. The inventory rose over 10 per cent on the information on Tuesday.
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