Updated: May 9, 2019 3:25:59 am
Shares of Zee Entertainment Enterprises Ltd (ZEEL) plunged 10 per cent Wednesday amid concerns over stake sale by its promoters and the audit of financial statements.
The scrip tumbled 9.72 per cent to close at Rs 333.30 on the BSE. During the day, it dived 12.66 per cent to Rs 322.45.
Meanwhile, ZEEL on Wednesday said its board will consider standalone and consolidated results for fiscal 2018-19 on May 27, scotching “market rumours” that raised concerns about audit of the company’s financial statements.
In a regulatory filing, the company said it has been informed that “there are certain rumours floating in the market raising concerns about audit of the financial statements of the company for the fiscal year ended March 31, 2019.”
“We deny the above rumours floating in the market relating to audit of the financial statements of the company,” it said.
In a separate filing, the company said it was not in a position to provide any comment or clarification regarding the stake sale process by its promoters, Essel Group.
In November, the promoters had stated that they planned to divest up to 50 per cent of their stake in ZEEL to a strategic partner.
“Understandably, in accordance with the said intent, the promoters have been in discussions or negotiations with various prospective investors and the company is not in a position to provide any comment or clarification until such time any potential investor is identified and such arrangement is disclosed by the promoters to the board of directors of the company,” ZEEL said in the filing.
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