Zee stock plunges 13% over Rs 522 cr investment in tech subsidiary

Zee Entertainment (ZEE) fell nearly 13 per cent in intra-day trade on Monday to Rs 129.75 per share after the media major said it had invested Rs 522 crore in tech subsidiary Margo Networks, which offers streaming and advertising services under the ‘SugarBox’ brand name. ZEE owns 80 per cent stake in Margo and the additional investment will be used for operational and financial support.

The stock ended the day at Rs 137 on the BSE, down 8.57 per cent. But investors remained nervous about the fund infusion despite the company management saying it would boost its digital business.