Zee nosedives 30% in worst single-day fall after Sony scraps deal

Shares of Zee Entertainment Enterprises (Zee) slumped 30.5 per cent, its worst single-day fall, after the broadcaster’s $10-billion merger with Sony Pictures Networks India collapsed, stoking concerns of its survival.

The Zee stock ended at Rs 160.9, down Rs 70.5 or 30.5 per cent, over its previous close on the National Stock Exchange (NSE).

The Punit Goenka-led firm lost nearly Rs 7,300 crore in market value. Shares of Zee worth nearly Rs 4,000 crore traded on the NSE and BSE.

The stock was down less than 20 per cent for most parts of the day as investors assessed the right value for the company.