Stock market analysts are of the view that investors can sell Zee Entertainment Enterprises stock with a target price between Rs 226-223.

According to them, investors can sell the stock below Rs 229 with a strict stop loss of Rs 232.

If the stock fell below Rs 220, it may see more weakness.

Today (Nov 03), the stock opened at Rs 231 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 6.70 and 34.63 respectively. The share price has seen a 52-week high of Rs 261.40 and a low of Rs 88.10 on BSE.

After selling the stock, the interested investors can enter the stock again at a low price, for medium or long term prospective.

Zee Entertainment Enterprises has recorded a fall of 37.72% in the consolidated net PAT for the three month period ended Sept 30.

During the period under review, Zee Entertainment posted profit of Rs 1,109.50 million as against Rs 1,781.50 million for the same period of the last year.

During the same year, the company's consolidated total income stood at Rs 5,696.20 million, a fall of 5% over the prior year period.

On a standalone basis, Zee Entertainment registered a net PAT of Rs 1024.80 million. In the same quarter, the company's total income was at Rs 3,035.10 million, a fall of 6.43% over the prior year period.

Zee Entertainment Enterprises, on Oct 23, declared its directors granted its in-principle authorization for acquirement of the regional general entertainment channel business of Zee News.

These consists of 6 TV channels including Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada and Zee Cinemalu, under a scheme of arrangement.

The abovementioned decision is subject to appropriate statutory and regulatory approvals.