We highlight that Zee's premium valuation has been driven by industry leading ad and subscription growth a function of viewership market share expansion, which currently is clouded by NTO led disruption. We also believe that NTO implementation, apart from providing consumers a choice, has led to higher power in DPO's hands in bundling channels. Zee's absence in base bouquet could be detrimental. Consequent, to revenue estimates, we revise our FY20 earnings downwards by 10.7%. Therefore, we downgrade the stock to HOLD. We introduce FY21 estimates and roll over...