ZEEL tanks 6% after Sebi crackdown on Puneet Goenka, Subhash Chandra

Shares of Zee Entertainment Enterprises (ZEEL) plunged over 6% on the NSE in Tuesday’s trade after India’s capital market regulator Sebi barred Essel Group chairman Subhash Chandra Goenka and his son Punit Goenka, MD and CEO of ZEEL, from holding any directorship or key managerial positions in any listed company. The interim order was issued late on Monday.

The development could delay Zee’s proposed merger with Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, experts said.