Zee Entertainment title drops 20% daily after ED called by Subhash Chandra

Zee Entertainment's 20% shares fell 20% in trading Tuesday, a day after the Law Enforcement Department (ED) summoned Essel group promoter, Subhash Chandra, as part of his investigation into YES Bank. Chandra is scheduled to meet with ED officials on Wednesday, which was confirmed by the Essel group on Monday.

Zee said on Tuesday that there were no loans from YES Bank. "As indicated by the Essel group, the credit facilities made available relate to its infrastructure activities and are fully secured," said Zee.

The media company's stock closed the trade at Rs 133.20 per share on BSE, its lowest level in more than seven years. It has now gone down for four consecutive trading sessions on BSE. So far, during calendar year 2020, Zee's share price has fallen by more than 50% from the levels of Rs 292 per share at the start of the year. ;year. This against a 23% drop in the Sensex benchmark for the same period.


Source: ESB