Zee stocks hammered, Chandra blames negative forces

Following a news report that said SFIO is probing a firm linked to Zee for post-demonetisation deposits, the group lost almost ₹14,000 crore in m-cap

- ENS ECONOMIC BUREAU @ Mumbai

ZEE group companies lost nearly ₹14,000 crore in market capitalisation on Friday as shares plunged over 33 per cent after a news portal published a report saying the SFIO is probing a company linked to Zee for post-demonetisation deposits.

Subhash Chandra, chairman of Zee & Essel Group, on Friday apologised to various stakeholders for lapses in his business judgment and blamed 'negative forces' for sabotaging the group's efforts to sell stake in Zee Entertainment Enterprises (ZEEL) and repay loans. In an open letter, Chandra said, "For the first time in my career of 52 years, I am compelled to apologise to our bankers, NBFCs & mutual funds, since I believe that I have not lived up to their expectations, despite the best of my intentions."