New Delhi, Dec 19 (PTI) Shares of Zee Entertainment fell over 3 per cent on Tuesday on a day when Sony Pictures Networks India said it has not yet agreed to a deadline extension requested by ZEEL for their merger.

The stock declined 3.17 per cent to settle at Rs 271.65 on the BSE. During the day, it fell 4.74 per cent to Rs 267.25.

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At the NSE, the stock dropped 3.23 per cent to Rs 271.70.

Sony Pictures Networks India on Tuesday said it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their merger, and is looking forward to know how the latter planned to complete the remaining critical closing conditions.

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In a statement, Sony Pictures Networks India (SPNI) said ZEE's notice to the BSE and the National Stock Exchange dated December 17, seeking an extension of the merger deadline is "an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger".

The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline, it added.

"SPNI is required to start those conversations but has not yet agreed to a deadline extension," the company said.

It further said, "We look forward to hearing ZEE's proposals and how they plan to complete the remaining critical closing conditions."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)