Recently Zee Entertainment’s stock price has seen an upward spike. This happened just after Punit Goenka decided to step down from the position of the company’s Managing Director (MD). The press release says Goenka has decided to continue as the company’s Chief Executive Officer. He will also be present on the board of directors as of now.
ZEE Entertainment Limited Share Spikes 8%
Today ZEE Entertainment Limited’s shares saw an upward growth of 8.17% and hit the Rs 125.40 mark on the NSE. Currently, it is trading at Rs 124.27 which is 7.69% higher. The stock is down to 55% so far this year as the market shows.
Punit Goenka Steps down as MD
Punit Goenka resigned from MD position at ZEEL on 18th November. The board has also accepted the resignation and appointed him as the CEO. He will focus on the operational responsibilities as per the board’s requirements.
From now on company’s Chief Financial Officer Mukund Galgali will also became the deputy CEO as referred by the nomination and remuneration committee. He will report to Goenka directly.
Board’s Decision
Chairman of Zee R Gopalan said, ‘The Company Board has appreciated Punit Goenka’s approach to focus on operations of the company as CEO. He has unmatched expertise in this business which makes him confident to deliver value for the company and to the stakeholders’.
