Zee Entertainment Enterprises Ltd. saw a significant increase in its stock price, with a rise of up to 7.8%, after the rejection of a proposal to re-elect Punit Goenka, the current CEO and founder's son, as a board director.

The surge in share price is the highest in over five weeks, reflecting investor sentiment in Mumbai's trading market. The entertainment conglomerate announced that 50.46% of the shareholder votes cast were against Goenka's reappointment, indicating a clear stance from investors on the company's leadership.

This decision has generated considerable interest in the market, highlighting the ongoing dynamics within the firm and its governance structure.