Zee Shares Surge 7 Per Cent Following Goenka's Exit As MD

Following this announcement, on Tuesday, the company’s shares traded at Rs 123.55 apiece around 2 PM, climbing almost 7 per cent in the day

Zee Entertainment Enterprises Ltd (ZEEL) shares soared more than 7 per cent on Tuesday after Punit Goenka stepped down as the Managing Director of the company. The firm’s shares surged ahead on the stock exchanges after the company informed about the changes a day earlier.

In a regulatory filing, the firm on Monday said, “The Board has accepted the resignation of Punit Goenka as Managing Director of the company and appointed him as CEO.” Following this announcement, on Tuesday, the company’s shares traded at Rs 123.55 apiece around 2 PM, climbing almost 7 per cent in the day.

The decision made by the firm for Goenka to focus solely on his role as the CEO has been made to help him oversee the operational responsibilities assigned to him by the board.

Goenka’s resignation as the MD from the company became effective after business hours ended on November 18, and he was chosen as the CEO the same day.

“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 company said via an official statement.

Addressing the change in the company statement, Goenka said, "In order to ensure we maintain a sharp focus on achieving our targeted aspirations, the core businesses require dedicated time and energy which can only be achieved in an operational capacity. In the long-term interest of the Company and all its stakeholders, I have approached the Board with a request to attain operational focus as the CEO."