ZEE shares take a tumble as Invesco still wants Goenka out as CEO & MD

NEW DELHI: Shares of Zee Entertainment Enterprises NSE -3.15 % nosedived around 3% in early trade on Monday as the company’s largest investor, Invesco, repeated its call for an extraordinary general meeting to discuss the removal of three directors and inclusion of six independent board members.

The development, a sign of continued struggle for control of the company, sent the scrip hurtling 2.95% on NSE.

Trading volumes fell, with 21,563,471 shares changing hands compared with a three-month daily average of 22,772,123. The stock had earlier risen as much as 40% per cent since September 22 following ZEE’s announcement of a merger with the Sony Group to form India’s biggest entertainment network.