Zee's stock plummeted over 32 percent on that day.
As of the December 2023 quarter, mutual funds held a 32.49 percent stake, equivalent to 312.07 million shares, while insurance companies held a 10.66 percent stake, amounting to 102.41 million shares in Zee, Moneycontrol reported.
Mutual funds consistently increased their stake in Zee over eight consecutive quarters since September 2021, escalating from 7.26 percent to the current 32.49 percent, the report said citing the shareholding pattern on the BSE.
On January 23, the stock witnessed its most significant single-day decline, shedding nearly Rs 7,300 crore in market value.
The sell-off intensified following a news report alleging that Zee promoters had siphoned off Rs 800-1,000 crore, surpassing the initial estimate of Rs 200 crore, as per Sebi's investigation. On January 24, the stock showed a recovery, trading approximately 6 percent higher, said the report.
After the termination of the Sony deal, Zee's stock faced downgrades from multiple brokerages, reflecting reduced earnings multiples due to financial challenges.
Sony demanded a $90-million termination fee over alleged breaches of the merger cooperation agreement, a charge that Zee has refuted.