Zee Entertainment slips 7% amid reports govt to probe company's books

In the past two weeks, ZEEL has underperformed the market by falling 23 per cent after reporting disappointing numbers for the quarter ended December 2019 (Q3FY20).

Shares of Zee Entertainment Enterprises (ZEEL) were under pressure for the second straight day on Wednesday. The stock fell 7 per cent to Rs 229 on the BSE amid media report that the corporate affairs ministry has ordered an inspection of the financials of the company. The stock of broadcasting & cable TV operator has fallen 11 per cent in the past two trading days.

According to a Moneycontrol report, the ministry has ordered an inspection of financials of ZEEL following allegations of corporate governance lapses and after some independent directors quit recently.

The BSE said, the exchange