India regulator finds $240 million diverted out of Zee’s books, sources say | Reuters

India’s market regulator has made a preliminary finding that 20 billion rupees ($240 million) has been diverted out of Zee Entertainment Enterprises’ books, and Zee Group founders have been called in for questioning, two sources with direct knowledge of the matter said.

The amount was 10 times higher than investigators had initially estimated, said one of the sources.

Zee’s shares tumbled 11% in Wednesday morning trade, adding to a steep share decline since its $10 billion merger with Sony Group   was scrapped by the Japanese firm last month.

Source: India regulator finds $240 million diverted out of Zee’s books, sources say | Reuters