Zee Media Corporation fell 4.23% to Rs 17 at 10:27 IST on BSE after the company said its independent director, Vishwapati Trivedi, resigned with effect from 27 January 2019.
The announcement was made after market hours yesterday, 28 January 2019.Meanwhile, the S&P BSE Sensex was down 31.02 points, or 0.09% to 35,625.68.
On the BSE, 6.67 lakh shares were traded in the counter so far compared with average daily volumes of 9.87 lakh shares in the past two weeks. The stock had hit a high of Rs 18.65 and a low of Rs 16.30 so far during the day. The stock hit a 52-week high of Rs 45.95 on 30 January 2018. The stock hit a 52-week low of Rs 16.30 on 29 January 2019.
Zee Media Corporation announced that Vishwapati Trivedi, an independent director appointed with effect from 24 January 2019, has vide his letter dated 27 January 2019, informed the company that the recent developments at Essel / Zee group, especially the big upheaval in the market and unprecedented fall in the share value coupled with media reports and Subhash Chandra's open letter (of which he was not aware before appointment), had left him perturbed and amazed and considering that he will not be able to contribute in such turbulent times, he would like to resign as director of the company with effect from 27 January 2019. Vishwapati Trivedi has confirmed that there is no material reason for his resignation other than those provided above, the company said.
On a consolidated basis, net profit of Zee Media Corporation rose 165.11% to Rs 27.20 crore on 22.69% rise in net sales to Rs 194.22 crore in Q3 December 2018 over Q3 December 2017.
Zee Media Corporation is a media company with presence in the national and regional news genre.
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