Zee
From rally to rout: Zee Entertainment shares crash after denying Rs 418 crore FDI report
Mumbai/IBNS: Shares of Zee Entertainment Enterprises Ltd. (ZEEL) fell nearly 4 percent on Thursday after the company denied media reports claiming it had received a Foreign Direct Investment (FDI) of Rs. 418 crore from OFI Global China Fund LLC, according to media reports.
The stock declined as much as 4.42 percent to Rs. 103.52 apiece, reversing the gains seen in the previous trading session after the report surfaced.
At around 10 am, the scrip was trading about 2.5 percent lower.
Following market hours on July 1, Zee Entertainment issued a clarification stating that it had no knowledge of the basis of the media report.
The company said no such investment was made during the period referred to in the report, effectively dismissing the claims of the purported FDI inflow.
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