Shares of Zee Entertainment Enterprises Ltd. tumbled 6% on Friday to the lowest in over five months a day before the extended deadline of its merger with Sony Group Corp's Indian subsidiary.
The deadline was extended as some of the conditions necessary for the merger had not been met. The stock has fallen 5.66% during the grace period.
Earlier this month, Zee clarified that the reports about Sony cancelling the proposed merger is "baseless and factually incorrect".
On the NSE, Zee's stock fell as much as 6.06% during the day to Rs 233.15 apiece, the lowest since Aug. 7, 2023. It was trading 4.27% lower at Rs 237.60 apiece compared to a 0.66% advance in the benchmark Nifty 50 at 2 p.m.
The share price has risen 5.55% in the last twelve months. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 36.28.
Seventeen out of 23 analysts tracking the company have a 'buy' rating on the stock, four recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 37%.
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