The star has fallen from the heavens. From Rs 1,600 plus to Rs 290-odd is a great fall over eight months, but that's the drop that Zee Telefilms has had. It has gone into a tail spin which it is finding hard to control.

Today, it touched a 52 week low when it traded at around Rs 290, only to close at Rs 303 odd. Investors and speculators appear not to be not buying its convergence story. Yes, the entire bourse is caught up in a bearish sentiment, and Zee along with a few other stocks have been caught up in that vortex. What makes Zee's performance alarming is the amazing amount of trades that take place in its scrip daily. Yesterday, 12 million shares changed hands on the Bombay stock exchange. Other media stocks come nowhere close to this.

The fall has come at a time when Zee TV is just about taking new initiatives on the programming front, in order to combat the rapid strides that Sony and Star TV have made with Indian viewers.

Will it recover? Many employees and shareholders who have bought into the company at astronomical levels are crossing their fingers and hoping it will.