Zee Entertainment Enterprises Ltd tumbled as much as 10% after the cancellation of a planned $10 billion merger with Sony Group Corp in India sparked a flurry of downgrades, with most analysts predicting a sharp contraction in its valuations.
At least nine brokers including Citigroup Inc and CLSA reduced their ratings on the stock as efforts to create an entertainment giant in Asia’s biggest streaming market collapsed amid a stalemate over who will head the combined entity.
