Zee shares 10% fall amidst SEBI irregularity report

Zee Entertainment shares plunge 10% on SEBI irregularity report

The Securities and Exchange Board of India (SEBI), which oversees the capital market, has found a financial anomaly in Zee Entertainment Enterprises Ltd (ZEEL)'s accounts which is approximately 2,000 crores. This is a huge setback for the company as it is already struggling with a merger cancellation issue. Subhash Chandra, Punit Goenka, and other board members of the media company have been summoned by the board to offer an apt explanation. ‘Impact of SEBI findings on Zee shares, 10% drop reported’ news has been trending leading to several misconceptions, impacting their stock prices.

Separately, Zee Entertainment issued a clarification on Tuesday, denying reports of resuming discussions with the Sony group to revive their $10 billion merger deal, which was cancelled on January 22nd. The company representatives also clarified in a regulatory filing that Zee was not involved in any negotiations regarding the Sony merger and that reports of a revival of talks were 'factually incorrect'.