Zee Entertainment Enterprises Ltd (ZEEL) shares came under renewed selling pressure on Monday, extending their decline for the fourth consecutive trading session as the dispute over the insolvency resolution of Zee Group founder Subhash Chandra moves to the National Company Law Appellate Tribunal (NCLAT).
The stock fell as much as 14.3% during intraday trade to ₹87 before recovering some of its losses. At 11 am, it was trading 9.5% lower at ₹91.87, after touching an intraday low of ₹86.90. At 12:33 pm, ZEEL shares were at ₹93.27, down 8.12% from the previous close of ₹101.51.
The latest pressure on the stock comes against the backdrop of a legal challenge to the repayment plan approved by the National Company Law Tribunal (NCLT)…