ZEE falls 5% on profit booking, post inking merger pact with Sony Pictures

In the past three months, ZEEL has outperformed the market by surging 35 per cent when compared with a 4 per cent decline in the S&P BSE Sensex

Shares of Zee Entertainment Enterprises (ZEEL) were down 5 per cent at Rs 332.75 on the BSE in Wednesday’s intra-day trade amid heavy volumes on profit booking after the company and Sony Pictures Networks India Private Limited (SPNI) announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

At 09:30 am; the stock was trading nearly 4 per cent lower at Rs 336, as compared to 0.64 per cent rise in the S&P BSE Sensex. At one point, the stock was up 2