ZEEL tanks 6% after Sebi crackdown on Puneet Goenka, Subhash Chandra

Shares of Zee Entertainment Enterprises fell over 6% after India’s Sebi barred Essel Group’s chairman Subhash Chandra Goenka and his son from holding key positions in listed companies, saying they had abused their board positions by siphoning off funds for their benefit. The order could delay Zee’s proposed merger with Sony Pictures Networks India, now known as Culver Max Entertainment. The regulator has directed Zee to place the order before its board within seven days. The Goenkas have 21 days to respond to Sebi’s order.