Zee Entertainment Stock Falls 20% A Day After ED Summons Subhash Chandra

20% Shares of Zee Entertainment slipped 20 percent in trade on Tuesday, a day after the Enforcement Directorate (ED) summoned Essel group promoter Subhash Chandra as part of its probe into YES Bank. Chandra is scheduled to meet ED officials on Wednesday, which was confirmed by Essel group on Monday.

Zee on Tuesday said it had no borrowings from YES Bank at all. “As communicated by Essel group, the credit facilities availed were for its infrastructure business and are fully secured,” Zee said.

The stock of the media firm closed trade at Rs 133.20 per share on the BSE, its lowest in over seven years. It has now declined for four straight trading sessions on the BSE. So far, in the calendar year 2020, Zee’s stock price has fallen over 50 percent from levels of Rs 292 per share at the start of the year. This is against a 23 percent fall in the benchmark Sensex for the same period.

―Business Standard

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