Zee slumps 10% after Sony scraps $10 billion India merger

Zee Entertainment Enterprises Ltd tumbles 10% as $10 billion merger with Sony Group Corp is cancelled. Analysts predict sharp contraction in valuations. Zee’s stock valuation will de-rate, PE will slump back to 12x levels. Sony expected to benefit from Zee’s content library. Zee facing growing competition from Reliance and Disney Star merger.