Zee Ent’s stock plunges 7% after exchanges file affidavits in NCLT on Sony merger case

Zee Entertainment’s shares on Friday plunged 7 per cent after the latest reports hinted that its merger with Sony Pictures is likely to face a fresh setback.

BSE and National Stock Exchange (NSE) informed the National Company Law Tribunal (NCLT) on Thursday about an order passed by market regulator Securities and Exchange Board of India (Sebi) on April 25 related to the promoters of Shirpur Gold Refinery, a Subhash Chandra-led Essel Group firm.

The stock exchanges told NCLT that Shirpur Gold Refinery’s promoters have allegedly redirected company assets to benefit themselves, media reports stated.