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Zee Ent tanks 12% on rumours; co says it is in advanced stage of stake sale
The correction in stock price could be due to rumors of the sale of pledged shares. However, the company denied such rumors
shares plunged 12 percent intraday on May 8 even as the company said it was in an advanced stage of the stake sale process.
The stock had fallen 4 percent on May 7. It was quoting at Rs 347.60, down 5.85 percent on the BSE at 1154 hours IST.
The correction in stock price could be due to rumors of the sale of pledged shares. However, the company denied such rumors.
"We have not sold any pledged shares on May 7. In fact, we are in advanced stages of dealing with multiple parties for stake sale but we are unable to share details about the deal due to confidentiality," Punit Goenka, Chief Executive Officer of Zee said in an interview to CNBC-TV18.
He further said the media and entertainment company is well within the timeline of stake sale and has multiple non-binding term sheets of buyers for Zee stake.
"We should complete the deal within 6-8 weeks. The first priority is to repay the debt," he added.
There are rumors circulating in the market leading to share price fall since yesterday.
Goenka said Zee would file a complaint to SEBI w.r.t sharp share price fall on rumors.
Zee Entertainment shares have been quite volatile for last nearly seven months, especially after promoter Subhash Chandra decided to sell up to 50 percent stake to pare debt.
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