Zee plummets 30% as Sony calls off merger; CLSA downgrades stock to ‘sell’

Shares of Zee Entertainment Enterprises (ZEEL) plunged 29.98 per cent to their intra-day low of Rs 162.25 on BSE in Tuesday’s trade after Sony Pictures Networks, a wholly-owned subsidiary of Sony Group, called off the merger with the company. Sony Pictures issued a termination notice to ZEEL on their merger agreement on Monday. The Japan-based media giant has also sought $90 million in termination fees from ZEEL. Several analysts have downgraded the stock post the development. Read in detail The average rating of the 19 analysts covering Zee has dropped to “hold” from “buy, as per Reuters.