Essel Group, which owns Zee, rocked by allegations of ties to company under fraud probe

The episode increased the urgency for Chandra to sell as much as half of Essel’s 42 percent stake in Zee, according to Nirmal Gangwal, founder at advisory firm Brescon & Allied Partners LLP. The shares that Essel is putting up for sale are valued at about $1 billion, based on the latest closing prices.

‘It is critical for Zee to find a definitive buyer for the proposed sale to arrest erosion of value of the company,’ Gangwal said.