Shares of the Zee Entertainment Enterprises Ltd. dropped over 4% on Monday after it sought more time to merge with Culver Max Entertainment Pvt.
The entertainment company has requested Culver Max Entertainment Pvt., formerly known as Sony Pictures Networks India Pvt., and Bangla Entertainment Pvt. to extend the timeline required to make their merger effective, according to an exchange filing on Sunday.
Zee's stock fell as much as 4.18% in early trade to Rs 266.00 apiece on the NSE. It was trading 2.76% lower at Rs 269.95 apiece compared to a 0.09% decline in the benchmark Nifty 50 as of 9:35 a.m.
It has risen 11.75% on a year-to-date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 51.97.
Seventeen out of 23 analysts tracking Zee have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.2%.
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