News on Medial

Amid reports of a $241-m accounting issue, Zee shares tumble 15%

Thehindubusinessline · 1y

Shares of Zee Entertainment Enterprises plummeted 15% following reports that the Securities and Exchange Board of India (SEBI) found a $241 million accounting issue in the company's finances. SEBI's preliminary findings reveal that the amount had been diverted out of Zee's books, prompting the regulator to question Zee's promoters. However, Zee issued a statement denying the reports and asserting that the accounting issues were incorrect and false. Zee's stock price fell by 10% on the day of the report and has dropped nearly 18% since Sony terminated the merger deal with Zee on January 22.