News for Zee Entertainment Enterprises Limited (ZEEL.BO)

India Business News: Shares of Zee Entertainment Enterprises Ltd (ZEEL) dropped 12% due to reports of financial inconsistencies uncovered by the Securities and exchange bo

ZEEL shares plummet 12% amid Sebi probe into financial discrepancies, denying accounting issues and working on merger with Sony.

Shares of Zee Entertainment Enterprises Ltd (ZEEL) tumbled 12 per cent in the mid-session trade on Wednesday amid reports of capital market regulator Sebi has unearthed a financial discrepancy exceeding USD 241 million (nearly Rs 2,000 crore) in the accounts of the company. The stock of the company nosedived 11.58 per cent to Rs 170.65 apiece on the BSE. ZEEL shares plunged 11.39 per cent to Rs 170.70 per piece on the NSE.

ZEE Entertainment Enterprises is listed on both BSE and NSE. Shares of ZEE Entertainment fell 5.81 per cent to hit a low of Rs 194.45 on BSE. The stock is down 18 per cent year-to-date.

ZEE Entertainment shares rose 5.05 per cent to hit a high of Rs 219.45 on BSE. Despite this, the scrip is down 11 per cent year-to-date and 24 per cent in the last one year.

In January, IPRS filed a petition against ZEE under the bankruptcy code before the NCLT Mumbai bench for initiating insolvency proceedings.

Indian short-video apps—from Sharechats Moj to MXPlayers MX TakaTak—see the blockbuster Kuaishou IPO as underscoring the massive potential that the sector has, and a curtain raiser for more.

Titles on offer will include Christopher Nolan’s Tenet at Rs120, besides psychological thriller Joker, superhero flick Birds of Prey, and others at Rs60. Users will be able to rent a film and watch it within a window of 48 hours

The Nifty Media index was trading 0.59 per cent down at 1671.9.

The index was trading 0.02 per cent down at 20184.92.