(Bloomberg) Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation.Most Read from BloombergChina Weighs Stock Market Rescue Package Backed by $278 BillionIndia Tops Hong Kong as World’s Fourth-Largest Stock MarketHong Kong Stocks at 36% Discount Show True Depth of China GloomFlorida Governor DeSantis Drops O
Pricey Valuations Threaten Best Indian Media Stocks Rally in 14 Years bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
An equity index that houses Indias biggest operator of cinema screens as well as its top television broadcaster has lost about 6% since reaching a 17-month high in early September. Still, up 31% this quarter through Friday, the gauge is poised for its best performance since 2009.
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The historic market meltdown of Adani Group has shown signs of abating after the Indian conglomerate went on a tour to restore confidence and won a $1.9 billion investment by a boutique firm.