New Delhi: Shares of Zee Entertainment Enterprises Ltd (ZEEL) nosedived up to 33 per cent Tuesday after Sony called off the proposed $10 billion merger of its India unit with the media group.
The market capitalisation of the company, which witnessed heavy selling pressure since morning, tumbled by Rs7,285.53 crore to Rs14,974.50 crore on the BSE.
Shares of ZEEL tanked 32.73 per cent to close at Rs155.90 apiece on the BSE.
On the NSE, the company’ shares plunged 30.47 per cent to settle at Rs160.90 per share.
During the day, the scrip of ZEEL also touched its 52-week low of Rs152.50 apiece on both BSE and NSE.
The stock also touched its lower price band on both the bourses, which also revised the lower circuit limit for the company Tuesday.
In volume terms, nearly 1.46 crore equity shares were traded on the BSE while 22.84 crore shares were traded on the NSE, during the day.
It can be mentioned here that Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a $10 billion media enterprise in the country.
“SPNI, a wholly-owned subsidiary of Sony Group Corporation, today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (ZEEL) relating to the merger of ZEEL with and into SPNI, which was…Announced December 22, 2021,” a statement by Sony Group Corporation said.
PNN & Agencies
