Zee Entertainment Limited witnessed a steep decline of almost 10 percent in morning trade on February 21 following reports from Bloomberg regarding a potential diversion of about Rs 241 million from the company.
According to Bloomberg, the Securities and Exchange Board of India (Sebi) has engaged in discussions with senior officials at Zee, including its founders Subhash Chandra and his son Punit Goenka, as well as certain board members, seeking clarification on the matter.
“The amount found missing is not final and may change after Sebi reviews the responses from the company executives,” the report stated, citing sources who opted to remain anonymous.
By 11:18 am, Zee Entertainment’s shares continued their downward trend, trading 10.25% lower at ₹172.85, reflecting investor concerns amidst the ongoing investigation by Sebi.
