ZEE shares: The stock fell 4.11 percent, reaching a day low of Rs 141.20. At this pricing, Zee shares have more than halved from their one-year high of Rs 299.50, reached on December 12 last year.
Zee Entertainment Enterprises Ltd‘s shares dipped on Friday after the media company reported that Walt Disney-owned Star India has begun arbitration proceedings against it for purported non-compliance with the conditions of a cricket broadcasting deal.
The stock fell 4.11 percent, reaching a day low of Rs 141.20. At this pricing, Zee shares have more than halved from their one-year high of Rs 299.50, reached on December 12 last year.
Zee stated in a filing with the exchange that Star has commenced arbitration against the company. This action was taken under the alliance agreement dated August 26, 2022, with Star initiating the process by submitting a request for arbitration following the regulations of the London Court of International Arbitration.
It was mentioned that Star alleged Zee’s non-compliance with the terms of the alliance agreement, particularly regarding the conditions under which Star would consider granting sub-license rights for the ICC men’s cricket events from 2024 to 2027.
Zee further stated that the Disney-owned company has requested either the specific fulfillment of the alliance agreement or payment of damages, the amount of which is yet to be determined.
On January 22 of this year, Sony Pictures of Japan terminated the $10 billion merger with Zee. After two years of drama and delay, Sony and Zee officially canceled the planned media merger.
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Today, ZEE shares experienced significant trading activity, with 19.05 lakh shares being traded on the BSE. This volume surpassed the two-week average of 14.03 lakh shares. The turnover on the counter amounted to Rs 27.46 crore, contributing to a market capitalization (m-cap) of Rs 13,764.24 crore.
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