Zee Entertainment share price crashes 6%; here's why

Zee Entertainment's share price crashed over 6 per cent in morning trade on the BSE on Friday, July 11, after shareholders rejected a proposal to raise ₹2,237.44 crore from promoter group entities.

Zee Entertainment share price opened at ₹135.10 against its previous close of ₹141.90 and crashed 6.2 per cent to an intraday low of ₹133.05. The stock, however, pared losses and traded 2.26 per cent lower at ₹138.70 around 10 AM. Equity benchmark Sensex was 0.34 per cent down at 82,904 at that time.

In an exchange filing on July 10, Zee disclosed that the special resolution to issue fully convertible warrants to the promoter group on a preferential basis received only 59.514 per cent of the votes in favour, while 40.48 per cent were against the proposal.

(This is a developing story. Please check back for fresh updates.)

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