Latest News | Zee Entertainment Shares Tumble over 14 Pc in Intra-day; Recover Most of the Lost Ground at Close

New Delhi, Feb 23 (PTI) Shares of Zee Entertainment Enterprises Limited (ZEEL) tumbled over 14 per cent in intra-day trade after the National Company Law Tribunal admitted an IndusInd Bank plea for insolvency proceedings against the media firm.

The stock tanked 14.23 per cent to Rs 176.60 -- its 52-week low -- during the day on the BSE. However, it later recovered most of the early lost ground and ended 3.47 per cent lower at Rs 198.75 apiece.

Also Read | BSE Sensex Crashes 927 Points Amid Weak Global Cues; Settles at 59,745 Points.

On the NSE, it settled 3.46 per cent lower at Rs 199.20 per piece after falling 14.44 per cent to Rs 176.55 -- its 52-week low -- in intra-day trade.

In volume terms, 26.67 lakh shares were traded on the BSE and over 7.65 crore shares on the NSE during the day.

Also Read | Indian Workers With Digital Skills Contributing USD 508 Billion to Country's GDP, Says Report.

The National Company Law Tribunal has admitted an IndusInd Bank plea for insolvency proceedings against ZEEL.

The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by IndusInd Bank, for which ZEEL was a guarantor.

The private sector lender has also filed a separate insolvency petition against Siti Networks at the NCLT. The NCLT has appointed Mohit Mehra as the resolution professional in this matter.

The NCLT has admitted the plea at a time when ZEEL is in advanced stages of merging with Sony in one of the biggest deals in the media and entertainment sector.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)