Stock of Zee Learn tanks 19% as Yes Bank initiates insolvency proceedings

Second firm after Dish TV where Yes Bank and Essel group promoters at loggerheads

Shares of Zee Learn, part of the Essel group, tumbled 19 per cent on the BSE on Tuesday after Yes Bank initiated insolvency proceedings against the company. The company closed trade at Rs 11.3 apiece, down 19.3 per cent over the previous day's close.

In a disclosure to the stock exchanges on Monday, Zee Learn had said that the private sector lender had moved the National Company Law Tribunal (NCLT), claiming that the company had defaulted on a loan of Rs 468 crore.

Zee Learn was in the process of compiling information to verify the facts, it said, adding it