The announcement was made after market hours and the shares on the NSE on Monday traded at Rs. 160.34, up from Friday’s closing price of Rs. 4.84 or 3.11% was more.
Shares of Zee Entertainment have been lagging the market and have seen their price fall by more than 30% in the last 12 months. On a year-to-date basis, the correction has also been sharp at 44%.
Zina’s share price continued to fall mainly after the company’s merger deal with Sony failed to see the light of day. Sony Group withdrew its agreement to merge its India operations with Zee, scrapping a two-year-old plan that sought to create a $10 billion media giant. The Japanese entertainment firm had made multiple filings with India’s National Company Law Tribunal (NCLT) seeking to exit the merger agreement with Zee.
Sony sent a termination notice to Zee on January 22 for failing to meet the terms of the merger agreement and demanded $90 million in break-up fees. Xi “categorically” denied that he had breached the agreement announced in December 2021.
This was followed by the termination of ZMCL CEO Abhay Ojha in May. The company, however, did not elaborate on the reasons for their termination, a PTI report said.
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