Mumbai, Feb 2 (IANS): A few lenders of Zee Entertainment might dilute their stake in the company in the near term after two lenders reportedly sold their stake in the company to cut their losses.

This might plunge the company's scrip price even further. It was last quoted at Rs 356.50 on Friday, down Rs 23.95 or 6.30 per cent from the previous close.

Also, there were multiple block deals in Zee Entertainment during the past week after its stock prices crashed.

Reportedly, two lenders to Zee sold 7.4 million Zee Entertainment shares and recovered Rs 267 crore.

Security cover of pledged shares has fallen well below stipulated levels, prompting enforcement action by 2 lenders on Friday.

The sale underlines Zee Promoter's January 27 statement on "settlement" with lenders as factually incorrect. Thereby, January 28 statement that 96-97 per cent lenders gave nod for settlement was equally incorrect.

Market insiders say Credit Suisse and Bank of Baroda are the lenders who sold stake in Zee Entertainment stake on February 1.

The total loan against Zee shares currently stands at over Rs 13,000 crore.

Shares of Zee Entertainment on the BSE closed Rs 23.95 or 6.30 per cent lower at Rs 356.50 on Friday.