Shares of Zee Entertainment Enterprises Ltd. dropped nearly 5% on Tuesday as Sony Group said it has not yet agreed to extend the deadline for the $10-billion merger of its India business with the local broadcaster.
Sony Pictures Networks India Pvt. said in a statement that Zee's notice about not able to meet the deadline of Dec. 21 to the exchanges prompts discussion on extending the timeline of the effective merger.
The discussion between two parties haven't started, but Sony Pictures hasn't agreed to extend the deadline yet. Zee has not issued any statement on this regard yet.
The Mint earlier reported citing unnamed executives that Sony is unlikely to extend the deadline.
On the NSE, Zee's stock fell as much as 4.76% during the day to Rs 267.15 apiece. It was trading 4.37% lower at Rs 268.25 apiece compared to a 0.31% decline in the benchmark Nifty 50 at 10.13 a.m.
It has risen 11.9% on a year-to-date basis. The total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 51.35.
Seventeen out of the 23 analysts tracking the company have a 'buy' rating, four recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 19.4%.
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