ZEEL tanks 4% despite Rs 4,224 crore deal; here’s what analysts say

NEW DELHI: Shares of Zee EntertainmentNSE -4.58 % dropped 4 per cent in Thursday’s trade even as Rs 4,224 crore deal by promoters to sell 11 per cent stake in the company to Invesco Oppenheimer Developing Markets Fund for nearly Rs 400 per share was at a 10 per cent premium to Wednesday’s closing price of Rs 361.50 for the stock.

Investors seemed a bit disappointed as the company choose a financial investor over a strategic investor.

In an interview to ET NOW, Punit Goenka, MD & CEO accepted that his company felt the deadline pressure to an extent.