Zee Leisure slips for sixth straight day, loses 10% to hit a 5-yr low

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Shares of Zee Leisure Enterprises (ZEEL) slipped for the sixth straight day on Monday. The inventory hit a five-year low of Rs 269, down 10 per cent within the intra-day deal in an in any other case robust market. It was buying and selling at its lowest stage since August 14, 2014 on the BSE. As compared, the S&P BSE Sensex and Nifty 50 indices have been up 3 per cent every.


The counter witnessed big buying and selling volumes with a mixed 26.6 million fairness shares, representing 3 per cent of complete fairness of ZEE, altering palms on the NSE and BSE until the time of writing of this report.


Up to now three days, the inventory of Essel Group Firm has plunged 19 per cent on studies that promoter Subhash Chandra was requested by a courtroom to not promote his unpledged stake within the firm until subsequent month.


Up to now in September, ZEEL’s share worth has plunged 27 per cent, as in comparison with a 5 per cent rise within the S&P BSE Sensex. Buyers have misplaced market wealth of Rs 9,840 crore in ZEEL thus far within the month.


The Essel Group, which owns ZEEL, had reached an settlement in January below which the lenders agreed to not promote the corporate’s shares pledged with them until September 30 and gave Essel time to discover a purchaser for a portion of Chandra’s stake.


There have been considerations after studies advised that an order restraining Essel Group Chairman Subhash Chandra from promoting his shares might impression the group’s future monetisation plans in ZEEL. CLICK HERE TO READ FULL REPORT

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