By : Sachin Gupta
In Wednesday's opening session, Zee shares were locked at a 10% lower circuit due to a report stating that Sebi had discovered anomalies in the company's accounting worth ₹2,000 crore.
In the course of its inquiry of the founders of Zee, SEBI revealed that there is a possibility that ₹2,000 crore ($241 million) was redirected from the business. The total amount is over ten times greater than what the SEBI investigators anticipated.
Additionally, Sebi has called for clarification from Zee founders Subhash Chandra and his son Punit Goenka, as well as from a few board members of the troubled media company.
Recently, Zee shares have experienced a sharp decline due to the breakdown of its merger with the India division of Sony Group Corp. The stock has decreased 30% so far this year (YTD).
Zee Entertainment clarified on Tuesday, refuting rumors that they were resuming talks with the Sony group regarding reviving their $10 billion merger agreement, which was shelved on January 22.