Zee to announce Q4 earnings, likely dividend payout on May 17

have corrected by 32% in the past 12 months and this year the decline has been more pronounced due to the failure of the company's .

withdrew the agreement to merge its India operations with Zee, scrapping a two-year-old plan that sought to create a $10 billion . The Japanese entertainment firm had made multiple filings to India’s (NCLT) to pull out of the merger pact with Zee,

Sony had sent the termination notice to on January 22 for failing to meet the merger agreement conditions and sought $90 million in . Zee “categorically” denied that it had breached the pact announced in December 2021.

On Monday, ZMCL said its CEO Abhay Ojha was terminated effective May 4, 2024. In regulatory filing, the company said its Board of Directors at their meeting on Monday approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer effective May 4, 2024, PTI reported.

"On account of termination of employment, Abhay Ojha has ceased to be the Chief Executive Officer of the company," the filing added.

The company, however, did not elaborate reasons for his termination.
Ojha was promoted to CEO of the company last year. He joined Zee Media in 2022 as Chief Business Officer and P&L head of linear channels, excluding WION and Zee Business.

Earlier last month, Piyush Choudhary, Chief Manager- Legal, of Zee Media, resigned effective from the close of business hours of April 30, 2024.
In 2024 so far, the shares have tanked over 53%, and the counter hit its 52-week low of Rs 130.50 on Wednesday taking the declines to 56% from its 52-week high of Rs 299.70, which it hit in December last year.

The stock has been very volatile and its 1-year beta has now shot-up to 1.2, according to Trendlyne data. The recent correction has also dragged the stock below its 50-day and 200-day simple moving averages (SMA).

Its momentum indicators RSI and MFI as reported by Trendlyne are in a medium range of 36.6 and 43. A number above 70 indicates that the stock is trading in an overbought zone while below 30 suggests that it is in the oversold zone.

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