Zee Entertainment shares sink over 9 pc after Subhash Chandra's resignation

New Delhi: Shares of Zee Entertainment Enterprises on Tuesday plunged over 9 per cent after Subhash Chandra resigned as chairman of his flagship company, with immediate effect.

On the BSE, the stock opened at Rs 340.50 and plunged 9.06 per cent to Rs 312.50.

On the NSE, the stock traded 9.13 per cent lower at Rs 312.40.

Media mogul Subhash Chandra on Monday resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd, with immediate effect.

Chandra will remain the company's non-executive director, which he founded in 1992, it added.

"The board accepted his resignation and noted that this is in line with the requirements of Regulation 17(IB) of SEBI Listing Regulations, which inter alia mandates that the chairperson of the board shall not be related to the managing director or the chief executive officer of the company," the firm said.

His resignation comes at a time when debt-ridden Essel Group is looking to further divest promoters' stake in the company to repay the debts.