Foundational multimodal models pre-trained on large scale image-text pairs or video-text pairs or both have shown strong generalization abilities on downstream tasks. However unlike image-text models, pretraining video-text models is always not feasible due to the difficulty in collecting large-scale clean and aligned data, and exponential computational costs involved in the pretraining phase. Therefore, the pertinent question to ask is: Can image-text models be adapted to video tasks and is there any benefit to using these models over pretraining directly on videos? In this work, we focus on this question by proposing a detailed study on the generalization abilities of image-text models when evaluated on video understanding tasks in a zero-shot setting. We investigate 9 foundational image-text models on a diverse set of video tasks that include video action recognition (video AR), video retrieval (video RT), video question answering (video QA), video multiple choice (video MC) and video captioning (video CP). Our experiments show that image-text models exhibit impressive performance on video AR, video RT and video MC. Furthermore, they perform moderately on video captioning and poorly on video QA. These findings shed a light on the benefits of adapting foundational image-text models to an array of video tasks while avoiding the costly pretraining step.