Shares of ZEE Entertainment fell 15% to the intraday low of Rs 163.75 compared to the previous close of Rs 192.65 after the news reports said that the market-regulator SEBI has found a hole of Rs 2,000 crore in the company’s accounts.
Also, the company denied news reports of re-engagement with Sony for the $10 billion merger.
In an exchange filing the company denied any negotiation for the revival of the merger, which was called off on Januar 22, 2024.
“We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the above-mentioned article on the company,” said the company.
In the last five days, the company has wiped off over 13% of investors’ wealth and nearly 37% in the last six months on the National Stock Exchange. The company’s stock has fallen 18% in the last one year and almost 62% in the past five years.
To compare, the sectoral-index Nifty Media has fallen 0.23% in the past five days and 3.7% in the last six months. However, the index has given positive returns in the last one year and has risen nearly 20%. The index has fallen almost 10% in the past five years.
