Reliance Industries unable to comment on Disney's India division valuation speculation

Reliance Industries stated that it is unable to respond to reports that the Walt Disney Co.'s India division is being valued at less than half of what it had hoped for in a potential merger with the media company of billionaire Mukesh Ambani.

In a stock exchange filing, the company stated,"We are unable to comment on media speculation and it would be inappropriate on our part to do so."

Disney's write-off of revenue from the sale of cricket TV rights to struggling Zee Entertainment enterprises, which is now predicted to be unable to make payments, is one reason for the valuation decline.