Zee Entertainment falls 6% after promoters sell shares

Shares of Zee Entertainment Enterprises (ZEE) slipped 6 per cent to Rs 403 on the BSE in intra-day trade on the back of heavy volumes after its promoter sold Rs 332 crore worth of the firm’s shares in recent months, according to exchange disclosures.

Cyquator Media Services, the promoter entity of ZEE had sold shares worth Rs 227 crore between February 13 and March 29. Post the share sale, Cyquator’s shareholding has reduced to 22.8 per cent from 23.36 per cent.

Meanwhile, Essel Corporate has sold Rs 105 crore worth of shares between March 13 and March 25, bringing down the promoter entity’s stake to 3.04 per cent from 3.28 per cent, according to disclosure made by the company to stock exchanges.

Earlier, between January 28 and February 7, Cyquator Media Services had sold Rs 610 crore worth of shares, while Essel Corporate had offloaded shares amounting of Rs 102 crore on January 28, data shows.

At 02:45 pm, the stock of ZEE erased partial losses and was trading 3 per cent lower at Rs 421 on the BSE. In comparison, the S&P BSE Sensex was up 0.25 per cent at 38,970. The trading volumes on the counter nearly doubled with a combined 16 million shares changing hands on the NSE and BSE so far.