Zee stock crashes 14% after Chandra’s 99.97% haircut
Shares of Zee Entertainment Enterprises plummeted over 14% on Monday, extending a 17% decline over four sessions after the National Company Law Tribunal (NCLT) approved a staggering 99.97% haircut on founder Subhash Chandra's creditor claims. The stock's price fell to Rs 86.90 per share on the National Stock Exchange (NSE), the lowest level observed since May this year, signaling a potential record-breaking single-day plunge in nearly a month.
This dramatic downturn follows a challenge from Canara Bank, Union Bank of India, and LIC Housing Finance, who will contest the NCLT's decision to approve a repayment plan proposed by Essel Group chairman Subhash Chandra. The NCLT's clearance of the resolution plan, which involves a repayment of around Rs 6.5 crore against admitted claims of Rs 22,006.57 crore, has sparked controversy over the 99.97% haircut.
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