Combined market capitalisation plunges by 14,000 crore; Chandra blames cash crunch on IL&FS
On a day when stocks of Essel group companies got hammered, its chairman Subhash Chandra admitted to making strategic mistakes that led to piling up of debts, and asked lenders to have patience till the stake sale of Zee Entertainment materialises. He blamed the IL&FS crisis for the cash crunch and ‘negative’ forces for share price fall.
At the same time, he reassured that all operating companies, including Zee Entertainment Enterprises Ltd (ZEEL), were ‘performing exceptionally well’ and not under stress.
‘At promoter level’
“The debt burden is purely at the promoter level, which is reflecting negatively on the companies.” Mr. Chandra said in a statement after market hours.
The five listed companies of the group saw their combined market capitalisation erode by nearly 14,000 crore on Friday.
Dish TV India, the worst hit in the group, saw its shares shedding 32.74%, which was the biggest singleday fall for the shares since their listing in April 2007.
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