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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.