Subhash Chandra-promoted Essel Group firm Zee Media Corporation (ZMCL) Wednesday said the recent fall in its share prices was not related to its performance.
ZMCL said that since last few quarters, it is having good performance and remains committed to create value for its stakeholders.
"We will further like to share with you the recent fall in the prices of the shares of ZMCL has no relation with the performance of the company and that the company continues to work on a strong foundation with consistent focus to improve upon its performance on all parameters," said ZMCL in a regulatory filing.
For the third quarter ended December 2018, ZMCL had last week declared Rs 27.20 crore net profit and Rs 194.22 crore as income from operations.
"The company has been achieving new heights in its performance over last few quarters and the management of the company remains committed to create value for all its stakeholders," it said.
Shares of Zee Media Corporation Ltd on Wednesday settled at Rs 15.85 apiece on BSE, up 3.26 per cent from previous close.
On January 25, shares of ZEE group companies
had come under massive selling pressure, plummeting up to 33 per cent, and suffered a combined erosion of Rs 13,352 crore in market valuation.
Chandra had apologised to lenders and said his company is in a financial mess and blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon's D2H business.
He also alleged that some negative forces are out to sabotage his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.