Zee Entertainment records sharpest intra-day fall in two months; down 6%

The stock dipped 6% to Rs 474 on the BSE in intra-day trade, its sharpest decline since October 5, 2018.

Shares of Zee Entertainment Enterprises (ZEE) dipped 6% to Rs 474 per share, their sharpest intra-day fall on the BSE in past two months as growth trends in over-the-top (OTT) content and concerns related to the rise in cost may hit the profitability of the company.

The stock was the top loser in the Nifty 50 index at 12:09 pm, recording its sharpest decline since October 5, 2018.

According to a CNBC TV18 report, Kotak Institutional Equities downgraded Zee to ‘reduce’ and cut target price to Rs 430 from Rs 600.

ZEE had outperformed the market by surging 15% from