Zee Entertainment shares recover slightly after firm denies report of audit related concerns

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Published: May 8, 2019 3:58:28 PM

The shares of Zee Entertainment recovered slightly after the firm denied the report relating to concerns about the audit of the financial statements for Q4FY19.

A meeting of the board of directors has already been scheduled on May 27, 2019, ZEEL also said.

The shares of Zee Entertainment recovered slightly after the firm denied the report relating to concerns about the audit of the financial statements for Q4FY19. “We deny the above rumours floating in the market relating to audit of the financial statements of the company,” Zee Entertainment Enterprises Ltd (ZEEL) said in a regulatory filing.

The company stock that fell as much as 12 per cent intraday recovered slightly to end the day at Rs 333.30, down 35.90, or 9.72 per cent on BSE. The scrip had declined 4 per cent on Tuesday.

The audit of standalone and consolidated financial statements for the fiscal is in progress by the statutory auditors of the company, it added. A meeting of the board of directors has already been scheduled on May 27, 2019, the firm also said.

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On report of stake sale by promoters, ZEEL said in the separate exchange filing that it can’t provide clarification on the same as of now. The promoters Essel Group on Tuesday had said that the process of sale of stake in the company is at an advanced stage.

“The company is not in a position to provide any comment or clarification until such time any potential investor is identified and such arrangement is disclosed by the promoters to the board of directors of the company,” the firm said in a regulatory filing.

It was in November 2018, the promoters had said that they plan to sell nearly 50 per cent of their stake in ZEEL to a strategic partner.

Meanwhile, benchmark indices – Sensex and Nifty – ended the day on a lower note today. Sensex fell 487.50 points to close at 37,789.13, while Nifty dropped 138.45 points to 11,359.45.

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