Zee Entertainment shares fall over 14% amid NCLT dispute
Business
Zee Entertainment's stock took a sharp hit on Monday, dropping over 14% to ₹87 before bouncing back a bit.
Even with the slight recovery, shares were still down nearly 9% by mid-morning.
This is the fourth day in a row of losses for Zee Entertainment, mostly because investors are uneasy about an ongoing fight with the company's lenders.
Three lenders appeal NCLT approved plan
Three lenders, Canara Bank, Union Bank of India (UK), and LIC Housing Finance, are challenging a debt repayment plan approved by the National Company Law Tribunal (NCLT).
The plan would pay creditors just ₹6.25 crore out of claims totaling approximately ₹22,006.57 crore.
Creditors say that's nowhere near enough and are taking their appeal to a higher tribunal, which has made investors even more nervous.