A day after Zee Network officials claimed to have advanced Rs 2200 million to several Ketan Parekh companies for acquiring shares of various media companies, the stock came under further pressure during opening trade on the stock exchanges.

The scrip was locked at eight per cent lower circuit at RS 110.10. The counter saw trade in 18,515 shares and there are pending sell orders for 2.709 million shares, according to indiabulls.com.

According to reports, the funds for Zee's transactions were borrowed from Global Trust Bank.

Meanwhile, Zee's claim that it made the advances to acquire 28.5 per cent in AB Corp (Amitabh Bachchan Corporation) and 15 per cent in B4U was strongly denied by both companies.

B4U CEO Ravi Gupta, speaking from his London office, rubbished the Zee claim while emphatically denying any transactions with Zee. AB Corp has also denied receiving any advances from Zee Network or its group companies for a stake in the company.