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The stock of Zee Entertainment Enterprises (ZEEL) declined by 4 per cent on Thursday, despite a stake sale by the company’s promoters. The promoter pledge and stake sale were key overhangs for the stock, but the announcement of the deal failed to trigger a rally.
Including Thursday’s loss, the stock has shed over a third of its value over the past one year.
While the Rs 4,200-crore deal with Invesco Oppenheimer — for a 11 per cent stake in ZEEL — does allay near-term concerns, brokerages say it is not enough to repay Rs 11,000 crore in outstanding loans against shares of
