Zee Entertainment share price jumps over 20% after firm denies demonetisation-linked deposits

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Updated: January 28, 2019 11:40 AM

Shares of Zee Entertainment rebounded Monday from a 33.5 per cent fall in the last session, after the Subhash Chandra-backed firm denied any role in demonetisation-related deposits being probed by SFIO.

Zee, zee tv shares, Zee promoter Subhash Chandra, Zee Entertainment, Essel Infra, Essel Group, Dish TV sharesThe shares fell to Rs 288.30 on Friday, their worst intraday fall since their debut in 1995.

Shares of Zee Entertainment  rebounded Monday from a 33.5 per cent fall  in the last session, after the Subhash Chandra-backed firm denied any role in demonetisation-related deposits being probed by the SFIO. The share price climbed nearly 20 percent to Rs 382 in early trade today, scripting the biggest single day gain since February 2007. The shares fell to Rs 288.30 on Friday, their worst fall in a day since making their debut in 1995.

The company also said that it has reached a deal with lenders on pledged shares. In an investor call held on Friday, company CEO Punit Goenka had said that the firm has not pledged any more shares as collateral after Friday’s drop.  Zee Entertainment shares were trading at Rs 349.45, up 30.10 points, or 9.43 per cent on BSE at the time of reporting.

Also read: Share Market Live: Sensex up 60 points, Nifty above 10,750; Zee Entertainment zooms 14%; Maruti Suzuki down

Essel group companies Zee Entertainment Enterprise and Dish TV on Sunday denied links with Nityank lnfrapower and Multiventures, a firm being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report.  Zee Entertainment, in a regulatory filing, also said Nityank lnfrapower and Multiventures is an “independent company and does not belong to Essel Group”.

The lenders have also assured that they would not classify the loans against shares as ‘default’ despite the stock shedding a fourth of the value in Friday’s trade, the company also said Sunday.

The promoters have borrowed over Rs 13,000 crore in loans against shares from the lenders by pledging their holdings in the two listed entities of the group, including the flagship ZEEL.

Meanwhile, the 30-share index declined by 180.50 points, or 0.50 per cent, to 35,845.04, after rising to 36,124.26 in early trade. Similarly, the NSE Nifty lost 60.70 points, or 0.56 per cent, to 10,719.85.

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