Zee shares crack 10% as brokerages scream sell after Sony terminates merger

Zee Entertainment shares hit the lower circuit as brokerages downgrade the stock after the cancellation of the merger with Sony. CLSA downgraded Zee to sell and mentioned the reported merger of Reliance and Disney Star as a competition. Nuvama and Elara also downgraded the stock, reducing the target price. Motilal Oswal downgraded Zee to neutral. Zee’s near-term valuation is expected to stay suppressed due to uncertainties around its new strategy, litigation with Sony, and competition from digital media.

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