Shares of Zee Group firms surge a day after two directors quit

Zee Entertainment Enterprises was the top gainer on BSE during the morning hour of the trading session as the stock surged over 20 per cent. At 9:53 am, the stock was trading at Rs 226.65, up 21.33 per cent.
 
The surge in the stock price comes a day after the company disclosed that two institutional investors -- Invesco Developing Markets Fund and OFI Global China Fund IIC -- that collectively hold around 17.88 per cent stake in Zee Entertainment have sought the removal of Managing Director Punit Goenka and two others as the directors of the company.
 
The company further disclosed late on Monday that the two directors -- Manish Chokhani and Ashok Kurien -- have already resigned from the position of non-executive non-independent directors of the company with immediate effect.
 
In a letter written on September 12, the two institutional investors called for an extraordinary general meeting (EGM) of the company shareholders to pass the three ordinary resolutions.
 
Incidentally, the surge in the stock price was visible in all listed entities of the Zee Group. Shares of Zee Media Corporation touched their upper circuit of 5 per cent while Zee Learn shares were trading higher by nearly 14 per cent.
 
The benchmark 30-share S&P BSE Sensex was also trading nearly 200 points higher at 58,374 at 9:53 am.

Also read: Two Zee Ent institutional investors seek removal of Punit Goenka as director