In a one day move, the Zee Group companies tumbled down more than 100 points nearly 32 percent. It is the second largest fall since the listing. It is after the report indicated a probe linked to large deposit of its controlling shareholder Essel Group’s name had emerged after demonetization.
According to a report, The Serious Fraud Investigation Office inquiring closely into a company – Nityank Infrapower which formerly known as Dreamline Manpower for deposits of over Rs. 3,000 crores made just after the Indian Prime Minister Narendra Modi outlawed old Rs. 500 and Rs. 1000 notes in November 2016.
This investigation showed that Nityank Infrapower and a group of alleged shell firms had carried out financial transactions that involved a few firms associated with the Essel Group of Subhash Chandra between 2015 and 2017.
It is the Zee Entertainment’s worst intraday fall which fell over 32 percent.