Against a closing value of Rs 231.75 on Friday, ZEE shares fell 29.98 per cent to hit a low of Rs 162.25 on BSE. This was the fresh 52-week low level for the stock, which hit a 52-week high of Rs 299.50 last month on December 12.
Zee stock dived 12.67 per cent to hit a day low of Rs 242.30 against its previous close of Rs 277.45. Brokerage Emkay Global said Zee shares could see a significant downside in case the proposed ZEE-Sony merger is called off.