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.
Prior to that, Invesco had on September 11th had served a notice on ZEE for an EGM to recast the board as remove Puneet Goenka, son of the company’s founder Subhash Chandra, as the CEO and MD following charges of corporate governance issues
The Invesco Developing Markets Fund, which along with OFI Global China Fund, holds 18% stake in ZEE, one of India’s largest television networks, reiterated its demand for a new board last week, reports said.
The move is likely to come in the way recent attempts by Sony Group Corp to merge Zee Entertainment Enterprises.
