The brokerage also sharply slashed its price target for the stock by 34 percent to Rs 198 in anticipation of a slump in Zee's valuation post the cancellation of the mega merger.
KIE feels the recent the 20 percent surge in the stock price of Tata Steel in the past two months has stretched its valuations beyond fundamentals, making the risk reward unfavourable.
Rating agency Icra on Friday downgraded various debt instruments of IDBI Bank owing to a significant erosion of it's common equity tier I (CET 1), following weak financial performance of the bank in the quarter ended December.
Sunil Jain, managing editor of The Financial Express says the worrying thing here is with growth stalling and the government and the private sector cutting back on spending, return to growth would be a more stressful journey
Johanna Dee Chua of Citi Global Markets Asia explains to CNBC-TV18 that the Indian government needs to accelerate the reforms process to harden the rupee which would invite inflows and prevent a ratings downgrade.
Ambareesh Baliga, chief operating officer at Way2Wealth joins CNBC-TV18 to give his perspective on the trades today.
Debt default. A ratings downgrade. Political deadlock. Such terms, once associated primarily with the developing world, now abound in the mighty United States.