Entities belonging to Subhash Chandra of Essel Group sold 76.35 lakh shares, worth Rs333 crore, in Zee Entertainment in the open market between 13 February 2019 and 29 March 2019. According to multiple regulatory filings observed by The Economic Times, Zee promoter group entity Cyquator Media Services has sold 53.18 lakh shares of Zee, while Essel Corporate LLP sold 23.17 lakh shares in the entertainment company. Essel Groups promoters have been selling shares of its group companies since its crises started earlier this year.
Essel group stocks crashed up to 33 per cent on January 25, 2019 following which its chairman Subhash Chandra said his company is in a financial mess and has blamed the same for the aggressive bets on infra plays, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon’s D2H business. He also blamed some negative forces for sabotaging his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.