Zee Entertainment shares bounce back, surge 20% to Rs 382 as company denies links with firm being probed by SFIO

  • Shares of Zee Entertainment recovered its lost ground after Friday's massive fall and soared 14.99 percent to Rs 367.25 on BSE

  • Subhash Chandra-promoted two Essel group companies Zee Entertainment Enterprises and Dish TV on Sunday denied links with Nityank lnfrapower and Multiventures Ltd, a company being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report

  • Shares of other Zee group companies however, continued to face selling pressure Monday also, with Zee Media Corporation Ltd plunging 19.91 percent, Dish TV slumping 14.82 percent and Zee Learn Ltd tanking 10.34 percent on BSE

New Delhi: Shares of Zee Entertainment Enterprises bounced back Monday, surging 20 percent, after it denied links with a company being probed by the SFIO for suspicious demonetisation deposits.

The stock recovered its lost ground after Friday's massive fall and soared 14.99 percent to Rs 367.25 on BSE.

At NSE, shares of the company surged 19.97 percent to Rs 382.

 Zee Entertainment shares bounce back, surge 20% to Rs 382 as company denies links with firm being probed by SFIO

Representational image. Reuters.

Subhash Chandra-promoted two Essel group companies Zee Entertainment Enterprises and Dish TV on Sunday denied links with Nityank lnfrapower and Multiventures Ltd, a company being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report.

Shares of other Zee group companies however, continued to face selling pressure Monday also, with Zee Media Corporation Ltd plunging 19.91 percent, Dish TV slumping 14.82 percent and Zee Learn Ltd tanking 10.34 percent on BSE.

On 25 January, shares of ZEE group companies had come under massive selling pressure, plummeting up to 33 percent, and suffered a combined erosion of Rs 13,352 crore in market valuation.

Zee Entertainment Enterprises Ltd (ZEEL), in a regulatory filing, said Nityank lnfrapower and Multiventures Ltd is an "independent company and does not belong to Essel Group".

While its DTH arm Dish TV has also denied any transaction with Nityank in its scheme of merger of Videocon D2h with the company.

On Friday, Essel Group chairman Subhash Chandra apologised to lenders and said his company is in a financial mess and blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon's D2H business.

 

 

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Updated Date: Jan 28, 2019 15:01:45 IST