ZEEL shares sank over 9 pc after Subhash Chandra's resignation


PTI | New Delhi | Updated: 26-11-2019 10:30 IST | Created: 26-11-2019 10:13 IST
ZEEL shares sank over 9 pc after Subhash Chandra's resignation
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Shares of Zee Entertainment Enterprises on Tuesday plunged over 9 percent after Subhash Chandra resigned as chairman of his flagship company, with immediate effect. On the BSE, the stock opened at Rs 340.50 and plunged 9.06 percent to Rs 312.50.

On the NSE, the stock traded 9.13 percent lower at Rs 312.40. Media mogul Chandra on Monday resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd, with immediate effect.

Chandra will remain the company's non-executive director, which he founded in 1992, it added. "The board accepted his resignation and noted that this is in line with the requirements of Regulation 17(IB) of SEBI Listing Regulations, which inter alia mandates that the chairperson of the board shall not be related to the managing director or the chief executive officer of the company," the firm said.

His resignation comes at a time when debt-ridden Essel Group is looking to further divest promoters' stake in the company to repay the debts.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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