Zee may have offloaded its stake but it isn't enough to satisfy investors

Apart from the debt burden, Zee is also facing competition from Netflix Inc., Amazon.com Inc. and hundreds of local TV channels vying to serve India's booming demand for content

The sale of a stake in Zee Entertainment Enterprises Ltd. to a foreign fund failed to cheer investors, who say the transaction leaves founders of India’s largest publicly-traded television network with the need to raise a further Rs 68 billion ($983 million) to pare debt.

Zee’s shares tumbled 5.8% to Rs 340.6 in a fourth day of declines, taking the year’s drop to about 30%. Invesco Oppenheimer Developing Markets Fund agreed to buy as much as 11% stake in Zee for about Rs 42.24 billion at Rs 400 each, the company said Wednesday.

The sale still leaves a large gap