The National Company Law Appellate Tribunal (NCLAT) on Friday upheld the insolvency proceeding against Zee Entertainment Enterprises in response to an appeal filed by chief executive officer (CEO) Punit Goenka. Shares of Zee Entertainment Enterprises had tumbled to fresh 52-week low on Tuesday; post the NCLT placed the company in the corporate insolvency resolution process.
Whenever a stock hits a new 52-week low, the momentum suggests that bears are gaining control over the trend. Such stocks are frequently avoided by investor community contemplating more downside ahead.
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