Zee Ent shares take hit after SEBI order on promoters

Subhash Chandra and Punit Goenka. Pics/Twitter

Shares of Zee Entertainment Enterprises Ltd (ZEEL) ended nearly 1 per cent lower on Tuesday after SEBI banned Essel Group chairman Subhash Chandra and ZEEL's Punit Goenka from holding any directorial or key managerial position in any listed firm.

During the day, the stock fell 6.28 per cent to Rs 182.60 apiece on the BSE. Shares, however, trimmed most of their early losses and ended at Rs 194, lower by 0.44 per cent. On the NSE, it tanked 6.59 per cent to Rs 182 in intra-day trade. It finally ended at Rs 193.35, down 0.76 per cent.

The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors for siphoning off funds for their own benefit. In its interim order, SEBI noted that the duo alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities.

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