Shares of Zee Entertainment Enterprises Ltd (ZEEL) surged over 7 percent on Tuesday after Punit Goenka stepped down as Managing Director, while continuing as the company’s Chief Executive Officer (CEO).
In a regulatory filing, the company stated, "The Board has accepted the resignation of Punit Goenka as Managing Director of the company and appointed him as CEO." This move is aimed at allowing Goenka to focus exclusively on operational responsibilities assigned by the board.
Following the announcement, ZEEL shares climbed 7.35 percent to hit an intraday high of Rs 123.89 on the National Stock Exchange (NSE).
At around 10 am, the shares of the company were trading at Rs 123.56 apiece on the NSE, up 7.07 percent.
Goenka's resignation as MD was effective from close of the business hours on November 18, and he was appointed as CEO the same day.
ZEE said: "With this step, he intends to dedicate his time entirely towards the future of the Company by enhancing its performance and profitability levels in line with the direction given by the Board/Nomination and Remuneration Committee in its meeting dated 15th November 2024." The Board said it remains confident in Goenka's abilities to drive a higher growth trajectory for the company and achieve targets.
On October 18, ZEEL declared its September quarter result, reporting a jump of 70.24 percent in its consolidated net profit to Rs 209.4 crore.
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