Zee Entertainment Enterprises Ltd (ZEEL) fell over 12.5% to Rs.324 and is currently the top loser on the BSE. Stock has been losing for the last 5 days and has fallen -24.13% in the period.
In Nov’18, ZEEL had announced that its promoters, led by Subhash Chandra were planning to sell 50% stake to a strategic partner. And giving a cryptic update on this, in a statement, the Essel group stated, "The stake sale process of Zee Entertainment Enterprises Ltd undertaken by Essel Group, is in steady progress and at an advanced stage." The group said that due to confidentiality issues, it cannot share any financial details as of now.
End of January, lenders and creditors of the company have given them a three-month time till April to find a buyer to repay dues.
The company is in a financial mess due to the aggressive bets on infra, which had gone out of control since the IL&FS crisis, and also the acquisition of Videocon's D2H business.