Zee Entertainment picture distorts

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Zee Entertainment Enterprises fell over 4% to Rs.413.20. The stock has been losing for the last 2 days and has fallen -3.30% in the period. Its 10% LC for today is at Rs.387.90.

The market is once again upset with the news that promoters have resorted to selling stake.

According to the disclosures made to the stock exchanges, promoters Cyquator Media Services and Essel Corp sold shares in the open market between 13th Feb and 29th March.

Cyquator sold 0.56% stake, raking in Rs.227 crore and Essel Copr sold 0.24% stake, bringing in Rs.105 crore.

Post this stake sale, Cyquator stake now stands at 22.8% and Essel Corp at 3.28%.

The company has stated that none of the lenders with whom the agreement has been reached have sold any shares.

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