Zee Entertainment falls 9% after Subhash Chandra resigns as chairman

Zee said Chandra would continue to "mentor" the management, coming at a time when the promoter family has retained management control with only 5.9 per cent stake in the company

Zee Entertainment Enterprises (ZEEL) slumped 9 per cent to Rs 312.50 in Tuesday's early morning deals on the BSE after its founder Subhash Chandra stepped down as the company's chairman. 

Chandra becomes non-executive director with immediate effect. The decision was taken following a board meet on Monday.

Zee has also reconstituted its board, appointing three new independent directors — former IAS officer R Gopalan, retired IPS officer Surendra Singh, and art collector Aparajita Jain. The reconstituted board consists of six independent directors and two members from Essel Group.

"The reconstitution of the board was to strengthen and