Zee Entertainment Falls On Report That CCI Flagged Anti-Trust Concerns On Proposed Sony-Zee Merger
Shares of Zee Entertainment Enterprises Ltd. fell the most in over three months since May 19, on a report that the Competition Commission of India has flagged anti-trust concerns over the proposed merger of Zee Entertainment and Sony Group's Indian unit.
According to the report, attributed to an official notice seen by Reuters, CCI flagged that the merged entity could potentially have 'unparalleled bargaining power'. The notice also stated that "further investigation is merited" with regard to the merger. The anti-trust watchdog's finding could lead to a delay in regulatory approval for the deal.
Sony and Zee signed definitive agreements for the merger of Zee Entertainment into Sony Pictures Networks India. If the merger is sealed, the merged entity will have a value of $10 billion, Punit Goenka, MD of Zee, said in an interview last year. The proposed merger has already received approval from the stock exchanges, BSE and NSE.
Shares of the company fell 6% during the session before close with 4.79% losses, worst day in over three months since May 19. while the Nifty 50 fell 1.22% on the NSE.
Trading volume was thrice the 30-day average, when markets closed on Thursday. Of the 23 analysts tracking the company, 20 maintain 'buy', one suggests 'hold' and two recommend 'sell', according to Bloomberg data.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
