Balaji Telefilms CEO resigns, stock tanks 19%

The board approved the resignation of Agarwal who was heading the television business of the group

Balaji Telefilms has tanked 17% to Rs 37.30 after company’s chief executive officer (CEO) of Television Manuj Agarwal has quit the organisation.

“The board of directors has approved the resignation of Agarwal who was heading the television business of the group,” Balaji Telefims said in a filing to the stock exchanges.

The stock opened at Rs 44.95 and hit a low of Rs 36.55 on the National Stock Exchange. As many as a combined 979,424 shares have already changed hands on the counter so far, against an average 130,000 shares that were traded daily in past two weeks on the NSE and BSE.