MCA inspection may spoil the show for Zee; stock sheds 15% in two sessions

The Zee Entertainment stock has shed close to 15 per cent from its highs over the last two trading sessions. 

The sharp correction followed reports that the Ministry of Corporate Affairs (MCA) had ordered an inspection of the firm’s books on allegations of corporate governance lapses and also because of the resignations of some of its independent directors. 

In a clarification to the exchanges, Zee acknowledged that it had received a letter from the MCA, seeking information and inspection. The company, however, clarified that the same was available in public domain, and also that it was collating the information and would co-operate