Shares of Zee Entertainment Enterprises Ltd. fell over 5% to their lowest level in a week on Wednesday after its board expanded the role of its newly formed Independent Advisory Committee to include investigation assessment.
The board has also changed the committee's name to 'Independent Investigation Committee'.
Shares of the company fell 5.78%, the lowest level since Feb. 22, before paring some losses to trade 5.09% lower at 2:48 p.m. This compares to a 0.84% decline in the NSE Nifty 50.
The stock has declined 16.03% in 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 38.45.
Of the 22 analysts tracking the company, two maintain a 'buy' rating, four recommend a 'hold,' and 16 suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 7.7%.
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