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Zee founder says sorry after stock market rout

MUMBAI: Indian satellite TV pioneer and Zee chairman Subhash Chandra apologised to lenders and traders in an unheard of open letter whilst the share costs of his group firms lost over Rs 14,000 crore, or $2 billion, in a inventory marketplace hammering on Friday.

via anonymous communications with the crowd’s monetary supporters.

“For the primary time in my occupation of 52 years, I'm forced to apologise to our bankers, NBFCs and mutual funds since I imagine that I have now not lived up to to their expectations, in spite of the most productive of my intentions,” he wrote in a letter printed after marketplace hours on Friday.

“I'm really not indicating that there are no mistakes performed from my end, and I'm willing to stand the consequences of the similar. I'm really not operating away from the core factor and will do my best possible to pay off each person,” Chandra stated, whilst adding that no promoter in India Inc has dared to sell the crown jewel (referring to the continuing percentage sale process in Zee Entertainment) to pay off collectors.

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