Zee Entertainment crashes 15% in a week — Siti Networks’ ₹400 crore loan default adds to its woes

Shares of Zee Entertainment Enterprises have declined over 15 per cent in the past one week, over five trading sessions.

At 12.13 p.m. on Tuesday, its share price was at Rs 184.10 on the BSE, lower by Rs 5.70 or 3 per cent from its previous close.

The investor sentiments have further subdued on reports that group entity Siti Networks has defaulted on around Rs 400 crore loan against which Zee Entertainment has given corporate guarantee of around Rs 116 crore.

In a regulatory filing last week, Siti Networks said that its default for repayment of total outstanding amount of Rs 404 crore continues for over 30 days.

"The company is in discussions with its bankers for restructuring of its debt obligations," it said.

Shares of Siti Networks on the BSE were trading at Re 1.10, lower by 4.35 per cent from its previous close.

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