ZEE shares tumbled 14.8% on the BSE on Wednesday to close at Rs 164.50 apiece, after Bloomberg reported Sebi had found that about $241 million (Rs 2,000 crore) might have been diverted by the company promoters. This has added to the steep decline in the ZEE share price after Sony Group scrapped a $10-billion merger plan involving its India business. A key factor for the collapse of the deal was the Sebi finding.
ZEE share price: Sebi would be questioning the top management of Zee including founder Subhash Chandra, chief executive and managing director Punit Goenka, the chief financial officer, the report suggested.
A June probe by the regulator found diversion to the tune of Rs 200 crore through related party transactions, a charge contested by Zee before the Securities Appellate Tribunal.
The upside comes in Zee stock after it ended Wednesday s session 15% lower after Bloomberg reported that Sebi had found that about $241 million (Rs 2,000 crore) might have been diverted by the company promoters.