Zee Entertainment tanks 8% as Chandra asked not to sell unpledged shares

A Delhi High Court-appointed arbitrator has asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance.

Shares of Zee Entertainment Enterprises (ZEE) slipped 8 per cent to Rs 307 on the BSE on Thursday after promoter Subhash Chandra was asked by a court to not sell his unpledged stake in the company till next month. The stock hit one month low and was trading close to its 52-week low of Rs 289 touched on January 25 this year.

Thus far in the month of September, ZEE has underperformed the market by falling 16 per cent after the company said its promoters have disposed off their stake in open market as well as through off market.