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Business News/ Markets / Stock Markets/  Zee share price dips before this big Sony merger test. Details here
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Zee share price dips before this big Sony merger test. Details here

Zee share price today tumbled to the tune of 6.50 per cent as market is buzz with negative speculations after developments in regard to SGRL order at BSE and NSE

Zee Entertainment logo is displayed in this illustration. (REUTERS)Premium
Zee Entertainment logo is displayed in this illustration. (REUTERS)

Zee share price has been under pressure since stock market's opening today. Zee share price today opened downside and went on to hit intraday low of 179.30 apiece on NSE, logging near 6.50 per cent dip from its Thursday close of 192.10 apiece on NSE.

According to stock market experts, Zee shares are under pressure after the latest communication of BSE and NSE with NCLT (national Company Law Tribunal). Experts said that both exchanges have informed the Mumbai bench of NCLT that SEBI has asked them to inform the tribunal on on Shirpur Gold Refinery order.

Speaking on fall in Zee share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Zee shares are falling due to recent NSE, BSE communication with the Mumbai bench of NCLT. In this communication, both NSE and BSE have said that SEBI has asked them to appraise NCLT about the recent order on Shirpur Gold Refinery, which is an Essel Group company. As NCLT is currently hearing Zee Sony merger, market is buzz with negative speculations that has led to fall in Zee shares."

Advising ‘buy on dips’ strategy in Zee shares, Ravi Singhal, CEO at GCL Broking said, “Zee shares have strong support placed at 175 apiece levels. Those who have this stock in portfolio can hold the stock with stop loss at 175. Fresh investors can also take advantage of this fall and buy at current levels for short to medium term target of 225 apiece levels." However, Ravi Singhal of GCL Securities strictly advised stop loss at 175 levels for those who are taking fresh position in the scrip.

In April 2023, SEBI had issued order against Shirpur Gold Refinery and is former Chairman Amit Goenka and five other for allegedly violating funding norms. Company's lenders are fighting against the SGRL at NCLT under IBC. NCLT is currently hearing Zee Sony merger deal.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 12 May 2023, 12:16 PM IST
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