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The shares of Zee Entertainment Enterprises Ltd (ZEEL) plunged 29 per cent in early trade on Tuesday, a day after Sony Group scrapped a $10 billion merger with the company.
In a statement released on its website, Sony Pictures Networks India (SPNI) said it issued a notice to ZEE, terminating the definitive agreement. “The Merger did not close by the End Date as, among other things, the closing conditions to the Merger were not satisfied by then. SPNI has been engaged in discussions in good faith to extend the End Date but the Discussion Period has expired without an agreement upon an extension of the End Date.”
Also read: Sony, Zee parting ways could rejig Indian media landscape
At 12.02 p.m., ZEEL’s share was trading ₹67.05 or 28.98 per cent lower at ₹164.35 on NSE
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