On November 29, Zee Entertainment Enterprises Ltd (ZEEL) saw a 5% surge in its shares after shareholders rejected a proposal to reappoint Punit Goenka as a director.
The stock price rose to Rs 132.69 per share, indicating a significant market response to the decision made by the shareholders.
ZEEL disclosed in a regulatory filing that the resolution for Goenka's reappointment was defeated during the company's annual general meeting (AGM).
The proposal received support from only 49.54% of the votes cast, while 50.4% voted against it, revealing a divided opinion among shareholders regarding the leadership of the media firm.