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Last Updated : Sep 20, 2019 10:04 AM IST | Source: Moneycontrol.com

Zee Entertainment hits 52-week low as promoter restricted from selling stake

On September 19, the share price closed down 7.90 percent or Rs 26.50 at Rs 308.80.

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Share price of Zee Entertainment Enterprises fell further on September 20, hitting 52-week low of Rs 277.95 following reports that the promoter has been restricted from selling stake in the media company.

On September 19, the share price closed down 7.90 percent or Rs 26.50 at Rs 308.80.

According to reports, the Delhi High Court-appointed arbitrator had restricted Essel Group Chairman Subhash Chandra from selling unpledged ZEEL shares till October 16.

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Zee promoters met MF lenders on September 18 for extending the September 30 deadline. No decision has been taken on the extension for which SEBI response would also be needed, CNBC-TV18 quoted sources as saying.

Essel Group told CNBC-TV18 that the group was in constant dialogue with the consortium of lenders. The overall asset divestment approach was in steady progress and it remained focussed on the repayment process.

At 09:38 hrs Zee Entertainment Enterprises was quoting at Rs 282.40, down Rs 26.40, or 8.55 percent on the BSE.

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First Published on Sep 20, 2019 10:04 am
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