Zee Entertainment recovers from intraday lows but ends in the red; Read here
Zee Entertainment Enterprises Ltd. stock ended 0.3% lower on Friday after a 4% decline in the morning session.
The decline was attributed to a media report by Bloomberg which stated that ZEEL would repay IndusInd Bank dollar 10 million to close the deal with Sony.
In February, IndusInd Bank sought to begin insolvency proceedings against ZEEL, which threatened the merger.
The National Company Law Appellate Tribunal offered interim relief by choosing to stay the proceedings.
Bloomberg reported that ZEEL had agreed to pay back debts owed to IndusInd Bank in order to end insolvency proceedings and complete the merger with Sony.
Following the news report, shares rose 9.3% on Thursday.
Friday's trading session saw an intraday low of rupees 198.20 and high of rupees 209.15.
The stock has fallen 33.25% from its 52-week high of rupees 308.7 on April 4, 2022.
According to a MintGenie poll, 22 analysts on an average recommend 'strong buy' for the stock.
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