NEW DELHI, Jan 23: Shares of Zee Entertainment Enterprises Ltd (ZEEL) nosedived as much as 33 per cent on Tuesday after Sony known as off the proposed USD 10 billion merger of its India unit with the media group.
The market capitalisation of the corporate, which witnessed heavy promoting stress since morning, tumbled by Rs 7,285.53 crore to Rs 14,974.50 crore on the BSE.
Shares of ZEEL tanked 32.73 per cent to shut at Rs 155.90 apiece on the BSE.
On the NSE, the corporate’ shares plunged 30.47 per cent to settle at Rs 160.90 per share.
During the day, the scrip of ZEEL additionally touched its 52-week low of Rs 152.50 apiece on each BSE and NSE.
The inventory additionally touched its lower cost band on each the bourses, which additionally revised the decrease circuit restrict for the corporate on Tuesday.
In quantity phrases, almost 1.46 crore fairness shares had been traded on the BSE whereas 22.84 crore shares had been traded on the NSE, throughout the day.
The fairness market witnessed heavy volatility throughout the day because the benchmark index Sensex after gaining greater than 500 factors in early commerce, crashed over 1,000 factors within the late session to shut within the destructive territory.
Sensex tumbled 1,053 factors to shut beneath the 71,000-level on Tuesday.
On Monday, Culver Max Entertainment, previously often called Sony Pictures Networks India (SPNI), terminated merger agreements with Zee Entertainment, which might have in any other case created a USD 10 billion media enterprise within the nation.
Besides, Sony has sought USD 90 million as break-up charges for violating the phrases of the merger pact and “invoking arbitration”, which ZEEL stated it would contest legally. (PTI)