Zee Entertainment shares were down over 10% on Wednesday, February 21. The stock is currently in the F&O ban and no new positions can be created due to the same.
Zee Entertainment shares have been in the red for four of the last five trading sessions. However, in the previous session, it closed over 7% higher. While the stock has gained 12% in the past month, it has fallen 35% in the last six months and 16.83% in the past year.
On Tuesday, February 20,
Zee Entertainment denied engaging in any negotiations with Sony Group regarding their previously called-off $10 billion merger deal.
The clarification came in response to reports suggesting a revival of talks between the two media giants.
On another note, news agency Bloomberg on Wednesday reported that the Securities Exchange Board of India (SEBI) has uncovered a $241 million accounting issue at Zee.
Last month, CNBC-TV18 had also reported, citing sources that the SEBI was in the final stages of its investigation against Punit Goenka and Subhash Chandra Goenka and their role at Zee. The sources had said in the first phase of its investigation, SEBI found misuse of funds to the tune of ₹200 crore from Zee Entertainment, benefiting the promoter family. However, now, according to sources, the size of the violation has escalated to ₹800-1,000 crore.
The stock was trading nearly 10% lower at ₹173.75 apiece at 9.30 am on February 21.
First Published: Feb 21, 2024 9:50 AM IST
