The homegrown media firm has seen its market value slide after Sony called off a $10-billion merger last month and market regulator Sebi reportedly found financial discrepancies in its accounts
The ZEEL shares sank almost 15 per cent in a skittish market already edgy over rumours that the Securities and Exchange Board of India was planning to widen the investigation by summoning former directors of the company for questioning over transactions with various entities in recent years
As per the reports, during Sebi's probe into Zee's founders, the regulator discovered that approximately $241 million may have been diverted from the company