UBS downgrades Zee Entertainment; shares fall

Tue Mar 5, 2013 2:25pm IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

Reuters Market Eye - Shares in Zee Entertainment Enterprises Ltd (ZEE.NS) fall 2 percent after UBS downgrades the stock to "sell" from "buy" and reduces its target price to 200 rupees from 245.

UBS cites expectations of bigger losses from sports-related TV channels in fiscal 2013/14 as well as increased losses from new investments in channels.

(Reporting by Abhishek Vishnoi)

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