The share price of ZEE Entertainment Enterprises has tanked around 6.30 percent on Tuesday to a reach a lower level of Rs.322. In a single day the ZEE share has lost around Rs.20 in value.
Zee Chairman, Subhash Chandra, the media baron who rode India's tumultuous media and entertainment space to make ZEE one of India's biggest media companies, had quit on Monday. The resignation came days after Chandra's family saw its stake in ZEE fell to 5 percent. This is due to a series of miscalculated infrastructure bets. Chandra's investment companies had borrowed heavily from mutual funds and non-banking institutions.
The volatility in the share price is considered as a result of a series of negative news around the stock including the resignation of Subhash Chandra. On Monday had also the stock tanked after the news.