ICICI Prudential Mutual Fund Sells Over 12.66 Lakh Zee Entertainment Shares
ICICI Prudential Mutual Fund has decided to offload a lot of shares in Zee Entertainment Enterprises Limited. The mutual fund house sold more than 12,66,400 shares and thereby, has reduced its stake in the company to a little more than 2% limit.
According to a statement from ZEEL, ICICI Prudential Mutual Fund sold these shares on August 28, 2024, through various investment schemes. In this way, the shareholding of the fund in ZEEL has gone down to more than 2% of the overall shares of the firm. Earlier this year, on January 31, 2024, the fund owned 5.09% of ZEEL.
The scheme has sold around 1.95 crore shares of ZEEL since January, indicating the gradual sell-down of investment in the company.
This sale is going on when shares of ZEEL have wiped off around 50% of their value this year on BSE. This sharp fall in share price could be one influencing factor behind the sell call.
A huge player like ICICI Prudential Mutual Fund has reduced its investment in ZEEL. Therefore, it may bring a change in the vision of other investors too for the company. This may affect the future prospects of ZEEL in the market while travelling through such tough times.
In all, it looks like lesser belief in the future prospects of ZEEL by the ICICI Prudential Mutual Fund may influence the move of the company ahead.
