Shares in Zee Entertainment dropped another 8 per cent on the back of a 5 per cent slide seen on Tuesday, following reports that the Ministry Of Corporate Affairs had ordered a probe into the books of the company.
The shares of Zee Entertainment were last trading at Rs 225, down 8 per cent in trade. The company's shares have been extremely volatile in the last few trading sessions and had even crossed the Rs 300 mark.
However, analysts feel that the governance issues could be a hangover for the stock. The shares of Zee Entertainment are now barely one per cent from their 52-week lows.
The company's quarterly numbers too were not very great. Net profit of Zee Entertainment Enterprises declined 37.87% to Rs 349.43 crore in the quarter ended December 2019 as against Rs 562.38 crore during the previous quarter ended December 2018.