Zee Entertainment Shares Rebound 8% After Record Drop; Promoter Seeks Minister's Intervention

24 Jan 2024 , 11:27 AM

Zee Entertainment shares rose by 8% after the biggest single-day drop on Tuesday. The stock declined over 30% due to Sony Pictures terminating a potential $10 billion merger, leading to lower estimates and price targets by brokerages.

Zee promoter Subhash Chandra wrote to Finance Minister Nirmala Sitharaman, seeking intervention for minority shareholders’ interests.

On Tuesday, over 22 crore shares of Zee were traded, with 41% marked for delivery, surpassing combined volumes from Friday and Saturday.

Zee shares are not under F&O ban today, allowing new positions. SEBI is in the final stages of investigating Punit Goenka and Subhash Chandra for alleged fund siphoning and window dressing of Zee’s books.

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