Zee stock tanks 10% on report of Sebi ‘uncovering $241-mn accounting issue’

According to the Bloomberg report, SEBI has been in conversation with senior officials at Zee including founders, Subhash Chandra, his son Punit Goenka and some board members to explain their stance.

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Shares of Zee Entertainment Limited tanked almost 10 percent in morning trade on February 21 after Bloomberg reported that Sebi has found about $241 million might have been diverted from the company. At 10:40am, the stock was trading at Rs 172.60.

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According to the report, the Securities and Exchange Board of India (Sebi) has been in conversation with senior officials at Zee, including its founders Subhash Chandra and his son Punit Goenka, and some board members to explain their stance.

“The amount found missing is not final and may change after Sebi reviews the responses from the company executives,” the report added, quoting sources who refused to be identified.

Also read: Zee Entertainment clarifies ‘not involved in any negotiations’ with Sony to revive merger deal

On Tuesday evening, Zee Entertainment Enterprises clarified on reports by The Economic Times about renewed talks with Sony to revive the scrapped merger deal. Zee in a statement said that the report was “incorrect” and that the company was “not involved in any negotiations”. The stock rose over 10 percent on the news on Tuesday.

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