Bee Stock News Today

Zee Entertainment Enterpriseshas constituted a panel to examine the allegations levelled against the company, its promoters and key managerial personnel by regulatory bodies.

ZEE shares fell 13.52 per cent to hit a low of Rs 166.90 on BSE. With this, the ZEE stock is down 40 per cent in 2024 so far.

ZEE shares had seen downward revisions in target prices post the terminated of merger deal by Sony. They are down 37.32 per cent in 2024 so far despite recovering some 15 per cent in the last one month.

Sony terminated the merger with Zee due to certain unresolved conditions and leadership disputes, including disagreements over CEO Punit Goenka's involvement in regulatory issues.

The mega merger between Zee and the Sony group was called off on January 22, with the latter issuing a termination letter to formally exit from the amalgamation agreement.

Zees net profit for the quarter ended December 2023 saw a 52 percent drop in profits on a sequential basis

As per the communique, accessed by Moneycontrol, Singh wrote,

In the January 16 letter, accessed by BT, Subhash Chandra urged the FM to "safeguard the interest of Zee Entertainment's minority shareholders."

Against a closing value of Rs 231.75 on Friday, ZEE shares fell 29.98 per cent to hit a low of Rs 162.25 on BSE. This was the fresh 52-week low level for the stock, which hit a 52-week high of Rs 299.50 last month on December 12.

Zee stock dived 12.67 per cent to hit a day low of Rs 242.30 against its previous close of Rs 277.45. Brokerage Emkay Global said Zee shares could see a significant downside in case the proposed ZEE-Sony merger is called off.