Subhash Chandra-promoted Zee Entertainment Enterprises has decided to shelve the proposed buyback of equity shares for the time being as of now, the company informed the BSE today.
The company's stock plunged after the announcement by 5.78 per cent to Rs 204.5.
The decision has been prompted by the fact that the extent of the buyback will be negligible in tune with Sebi's guidelines.
Zee Entertainment operates channels such as Zee TV, Zee Cinema, Zee Next, Zee Marathi, Zee Bangla among others.
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