Zee Entertainment slumps about 23% in seven sessions

Zee Entertainment Enterprises fell 5.76% at Rs 311.85 at 13:38 IST on BSE, extended recent steep losses.

Meanwhile, S&P BSE Sensex was down 296.56 points or 0.81% at 36,996.30.

On BSE, 9.32 lakh shares were traded on Zee Entertainment counter, compared to a 2-week average of 7.08 lakh shares. The share price hit an intraday high of Rs 328.9 and an intraday low of Rs 305.5. The stock hit a 52-week high of Rs 540.4 on 8 August 2018. The stock hit a 52-week low of Rs 288.95 on 25 January 2019.

Shares of Zee Entertainment Enterprises (ZEEL) plunged 22.79% in seven trading sessions to its current market price of Rs 311.85, from a recent closing high of Rs 403.95 on 26 July 2019.

On 1 August 2019, the company announced that Invesco Oppenheimer Developing Markets Fund has agreed to buy upto an 11% stake in ZEEL from company's promoters, for a total consideration value of up to Rs 4,224 crore. The fund has been a financial investor in ZEEL since 2002 and currently owns a 7.73% stake in the company (as on 30 June 2019).

ZEEL promoters held 35.80% stake in the company as on 30 June 2019.

On consolidated basis, Zee Entertainment Enterprises' net profit was up 62.6% to Rs 530.57 crore on a 13.3% increase in net sales to Rs 2008.12 crore in Q1 June 2019 over Q1 June 2018.

Zee Entertainment Enterprises is a media & entertainment powerhouse offering entertainment content to diverse audiences.

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