Zee Entertainment shares plunged 33 per cent to Rs 155.9 apiece, after its merger with Sony Pictures Networks India Private Ltd (now known as Culver Max Entertainment Ltd) was called off. Worried investors, including some funds, sold Zee stocks, dealers said.
Zee founder and promoter, Subhash Chandra, has asked for the Finance Ministry’s attention as he writes to Finance Minister Nirmala Sitharaman stating the market regulator of trying to “scuttle” Zee’s $10 billion merger with Sony (now Culver Max), , subhash chandra, zee entertainment, zee entertainment enterprises, ZEE-SONY Merger
BENGALURU (Reuters) -Zee Entertainment on Wednesday called on Sony to honour its obligations to close a $10 billion merger deal between the companies and asked an Indian tribunal to order Sony to complete the combination that the Japanese firm terminated. Sony terminated merger plans with Zee on Monday after more than two years of negotiations, seeking $90 million in termination fees from the Indian broadcaster for alleged breaches of terms of the agreement. Zee, in a regulatory filing, denied Sony's claims that it breached its obligations under the deal and said it has started legal action to contest the claims in arbitration proceedings before the Singapore International Arbitration Centre.
BENGALURU (Reuters) -Zee Entertainment's shares plunged 10% on Tuesday, set for their biggest one-day slide since April 2021, after Sony India scrapped a $10 billion merger with the Indian broadcaster, raising concerns about its survival in an increasingly competitive industry. At least five brokerages said investors should sell Zee's stock and slashed their price targets on the stock, according to LSEG data. Zee's stock was last trading at 208.30 rupees, its lowest since mid-July 2023.
Brokerages such as Citi, CLSA and Motilal Oswal Financial Services have downgraded Zee Entertainment, forecasting a slump in valuations and increase in competitive intensity in the sector
Brokerages such as Citi, CLSA and Motilal Oswal Financial Services have downgraded Zee Entertainment, forecasting a slump in valuations and increase in competitive intensity in the sector
The domestic equity market was trading lower on Tuesday. Sensex fell 534 points to 70,889 and Nifty slipped 170 pts to 21,401. Here's a look at stocks buzzing in action today.
Zee Entertainment Enterprises Ltd (ZEEL) tumbled over 33% Tuesday and touched its 52-week low of Rs152.50 on NSE following a termination letter sent by Sony to call off the merger