Zee Entertainment Shares Surge After Goenka Reappointment Rejected

Zee Entertainment's shares rose nearly 5% after shareholders rejected reappointing Punit Goenka as a director. The proposal was defeated at the 42nd AGM with 50.4% voting against it. This pushed the company's market valuation to Rs 12,400.31 crore as the stock price climbed significantly.

Shares of Zee Entertainment Enterprises Ltd experienced a significant surge of nearly 5% following the rejection of a proposal to reappoint Punit Goenka as a company director.

On the Bombay Stock Exchange, the stock climbed 4.83% to close at Rs 129.10, having reached a peak of Rs 132.60 mid-session. Similarly, at the National Stock Exchange, shares increased by 4.91% to Rs 129.16.

This surge boosted the company's market valuation by Rs 571.52 crore, bringing it to a total of Rs 12,400.31 crore. According to the company, the reappointment resolution attracted only 49.54% support at the 42nd Annual General Meeting, failing to secure the simple majority required under the Companies Act, 2013, and SEBI regulations.