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.
This story is from the January 26, 2019 edition of The Hindu.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 26, 2019 edition of The Hindu.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
‘Olympics Cancellation Likely If Vaccine Not Found In Time'
Further delays impossible, says Tokyo Games organising panel chief Mori
It's Wholesale Only At Koyambedu Market
Retail outlets to remain shut to bring down crowding.
Ministry Does U-Turn On Plasma Therapy
Treatment not proven: Health official
Trump's Bleach Statements Echo Claims By Pseudo-Scientists
‘Miracle cure’ quacks have long promoted industrial bleach to treat autism, malaria and many other medical conditions
U.S. May Seek Damages From China
President says many options on the table to hold Beijing accountable, draws an angry response
Koyambedu Market May Be Shifted Out
Decision likely at today's meeting of stakeholders; aim is to enforce physical distancing
Massive Spike Of 522 Cases In Maharashtra
On Monday, cumulative tally surged to 8,590 positive cases with 27 more deaths
The Script Of Disruption And A New Order
Across the globe, the geopolitical and geo-economic fallout of the COVID-19 pandemic could be serious
A Policy Road Map To Tackle Covid-19
The interest of each and the interests of all now coincide, not only within nations but for all humanity
ICMR Says No Payment Made For Chinese Test Kits Supplies
Alleged profiteering by distributors supplying the kits
