Tuesday’s opening trading saw an almost 7% increase in Zee Entertainment shares following Punit Goenka’s resignation as managing director. In an exchange filing, the media and entertainment company stated that he has been hired as CEO to fully concentrate on operational duties. With the consent of the shareholders, Goenka will remain a director on the board. His resignation from the MD position was not explained in the exchange filing.
Punit Goenka Resigns as ZEE Entertainment MD
As the Chief Executive Officer (CEO) of ZEE Entertainment Enterprises Ltd. (ZEEL), Punit Goenka has attempted to resign from his role as Managing Director (MD) in order to concentrate on operational duties. On November 18, the media and entertainment company made this announcement.
Mukund Galgali was named Deputy CEO by ZEEL’s board as part of this leadership reorganization. Galgali, who is currently the company’s Chief Financial Officer (CFO), will continue to supervise financial operations while assuming the additional duties of Deputy CEO. He will answer to Goenka directly. The board has also suggested hiring a Deputy Chief Financial Officer (DCFO) to bolster the leadership group even more.
Zee share price
On Tuesday, November 19, morning trading on the BSE saw a nearly 8% increase in Zee Entertainment shares, one day after the business announced Punit Goenka’s resignation as managing director. Nevertheless, he will remain the CEO. In contrast to its closing price of 115.50, Zee Entertainment’s stock began at 118.05 and increased by as much as 7.8% to reach 124.50. The stock was up 7.27 percent at ₹123.90 at around 10 am.
Zee shares were down 53% over the previous year as of the end of the previous session. On December 12 of last year, the stock reached a 52-week high of ₹299.50, and on November 13 of this year, it fell to a 52-week low of ₹114.40.
