Shares of Zee Entertainment Enterprises fell 4% after the company denied a report on foreign direct investment worth Rs 418 crore by OFI Global China Fund LLC.
Zee Entertainment share price dropped as much as 4.42% to Rs 103.52 apiece. The scrip declined 2.5% by 10:03 am, while benchmark Nifty 50 was up 0.46%.
Following the market hours on Wednesday, July 1, Zee Entertainment denied media reports about the foreign investment, The media company said it was unaware of the basis of the report and clarified no such investment was made during the referenced period.
The filing read, "We do not know the basis of the news article," adding, "There is no investment by OFI Global China Fund LLC, in the Company during the period referred in the attachment."
On Wednesday, Zee Entertainment shares rallied amid reports of Invesco managed OFI Global China Fund's investment in the broadcaster, marking the fund's return as a shareholder after almost three years.
The development came shortly after the company's board approved to raise at least Rs 2,300 crore through one or more tranches to strengthen its balance sheet and fund growth initiatives across businesses such as digital media and sports.
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