Zee Learn Plunges 20% In Its Worst Fall As Yes Bank Initiates Insolvency Proceedings
Zee Learn shares fell nearly 20% after Yes Bank initiated insolvency proceedings.
Shares of Zee Learn Ltd. tumbled nearly 20%, the worst decline since its market debut, after Yes Bank Ltd. initiated insolvency proceedings against the company.
Zee Learn defaulted on repayment of Rs 468 crore to Yes Bank, according to an exchange filing.
Zee Learn said that it received a notice from the Mumbai bench of National Company Law Tribunal and is compiling information to verify the facts of Yes Bank's petition.
A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Yes Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the NCLT, MumbaiZee Learn (Exchange Filing)
Trading volume on the stock is over seven times the 30-day average volume at this time of the day. Share price fell below 50-day simple moving average, suggesting potential downward price momentum.
The Essel Group company operates in the education segment and runs a chain of K-12 schools, Mount Litera Zee school and a pre-school network Kidzee. The company also offers media arts and creative arts training.