Zee Entertainment tanks 14% as NCLT admits company to insolvency resolution

The NCLT decision to begin bankruptcy proceedings has overshadowed Zee Entertainment's merger with Culver Max Entertainment (Sony)

Shares of Zee Entertainment Enterprises (ZEEL) tanked 14 per cent to hit a new 52-week low of Rs 176.60 per share on the BSE in Thursday’s early trade after the National Company Law Tribunal (NCLT) accepted IndusInd Bank’s insolvency petition against the company and admitted it into the corporate insolvency resolution process. 

The share of the media company had hit its previous 52-week low on June 20, 2022 at Rs 200.50. With today’s fall, the stock is now down 43 per cent from its 52-week high of Rs 308.65 that was touched on Apri 4, 2022. 

At 10:12 am, the