Shares of the Zee Entertainment Enterprises Ltd. dropped over 4% on Monday after it sought more time to merge with Culver Max Entertainment Pvt.
The entertainment company has requested Culver Max Entertainment Pvt., formerly known as Sony Pictures Networks India Pvt., and Bangla Entertainment Pvt. to extend the timeline required to make their merger effective, according to an exchange filing on Sunday.
Zee's stock fell as much as 4.18% in early trade to Rs 266.00 apiece on the NSE. It was trading 2.76% lower at Rs 269.95 apiece compared to a 0.09% decline in the benchmark Nifty 50 as of 9:35 a.m.
It has risen 11.75% on a year-to-date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 51.97.
Seventeen out of 23 analysts tracking Zee have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.2%.
RECOMMENDED FOR YOU
RIL, Disney Complete Rs 70,000-Crore Merger Of India Entertainment Business
Nov 14, 2024
Swiggy IPO Price Band Set At Rs 371-390
Oct 28, 2024
MTNL To Ring Again As Government Rules Out Bankruptcy And Merger
Oct 23, 2024
Surana Solar Reports Rs 32.69 Lakh Profit In September Quarter, Rebounding From Previous Loss
Oct 21, 2024
POPULAR