The correct option is D de
As we know that Zener diode is based on reverse bias p−n diode, so required region will be lies in the reverse bias zone.
If the voltage of reverse bias is greater than the Zener voltage, a breakdown condition is obtained, and in the given graph, we can clearly see that in part de, current is increasing, but voltage is nearly the same.
Therefore, portion de of the characteristics curve is relevant for the operation of Zener diode as voltage regulator.
Hence, (D) is the correct answer.