Zee Entertainment shares plummet 10%

Shares of Zee Entertainment Enterprises Ltd (ZEEL) plunged 10 per cent Wednesday amid concerns over stake sale by its promoters.

The scrip tumbled 9.72 per cent to close at Rs 333.30 on the BSE. During the day, it dived 12.66 per cent to Rs 322.45.

On the NSE, shares plunged 10.05 per cent to close at Rs 332.05.

In terms of traded volume, 30.75 lakh shares were traded on the BSE, while over 6 crore shares were traded on the NSE during the day.

"The Subhash Chandra led Zee Entertainment Limited fell today for the fifth day in a row as speculations are ripe that the stake sale process is undergoing some hindrance. But the panic bitten stock is in no mood to turnaround despite the company's clarification that the process is at an advanced stage and making steady progress," Umesh Mehta, head of research, Samco Securities Ltd said.

In five days, the scrip has tumbled 22.89 per cent on the BSE.

Meanwhile, ZEEL Wednesday said its board will consider standalone and consolidated results for fiscal 2018-19 on May 27, scotching "market rumours" that raised concerns about audit of the company's financial statements.

The company said, in a regulatory filing, it has been informed that "there are certain rumours floating in the market raising concerns about audit of the financial statements of the company for the fiscal year ended March 31, 2019."