Shares of Zee Entertainment Limited tanked almost 10 percent in morning trade on February 21 after Bloomberg reported that Sebi has found about $241 million might have been diverted from the company. At 10:40am, the stock was trading at Rs 172.60.
Follow our market blog for live updates
According to the report, the Securities and Exchange Board of India (Sebi) has been in conversation with senior officials at Zee, including its founders Subhash Chandra and his son Punit Goenka, and some board members to explain their stance.
"The amount found missing is not final and may change after Sebi reviews the responses from the company executives," the report added, quoting sources who refused to be identified.
Also read: Zee Entertainment clarifies 'not involved in any negotiations' with Sony to revive merger deal
On Tuesday evening, Zee Entertainment Enterprises clarified on reports by The Economic Times about renewed talks with Sony to revive the scrapped merger deal. Zee in a statement said that the report was "incorrect" and that the company was "not involved in any negotiations". The stock rose over 10 percent on the news on Tuesday.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
