Mumbai, May 8 (IANS): Debt-laden Essel Group on Tuesday said that stake sale process of Zee Entertainment Enterprises Ltd. is at an advanced stage.

"The stake sale process of Zee Entertainment Enterprises Ltd. undertaken by Essel Group, is in steady progress and at an advanced stage," the group said in a statement.

"The Group cannot share any additional details at this stage due to confidentiality agreements. The Group also wishes to request... investor fraternity at large, not to believe in any market speculations or rumours."

The statement assumes significance after the scrip of Zee Entertainment Enterprises witnessed a sharp fall of over 10 per cent during the intra-day trade on the BSE.

The company's scrip closed 4.88 per cent or Rs 18.95 down on Tuesday to Rs 369.20 apiece.

Last month, the debt-laden Essel Group had expressed confidence over its ability to repay loans and said that the resolution for repayment to its lenders will be ready by September 2019.

"As per the arrangement with the lenders, a resolution for the repayment will be achieved by September 2019. Essel Group is confident to complete the repayment towards each and every lender," the group had said in a statement in April.