Business / Dish TV shares rise 20 percent as chairman agrees to exit board after Yes Bank tussle

New Delhi : Even though there was a sell-off in the Indian stock market on Thursday, the stock of broadcast satellite service provider Dish TV climbed like a rocket. During the business, Dish TV's stock saw the biggest gain in three years.

20 percent jump: During the business, the stock of Dish TV rose more than 20 percent and it reached a price of Rs 14.46. At the end of trading, the stock price stood at Rs 14.20, showing an increase of 17.84% from a day earlier. At the same time, the market cap stood at Rs 2,614.58 crore.

Reason for the increase: In fact, Dish TV chairman Jawaharlal Goel will step down at the Annual General Meeting (AGM) to be held on 26 September. The company has informed the stock market about this. In the Extraordinary General Meeting (EGM) held in June last, shareholders had turned down the proposal to re-appoint Goyal as the managing director of the company. Thereafter, Goyal stepped down as the Managing Director but he remained as the Director. Goyal had not applied for nomination for reappointment to the post of chairman. Apart from this, independent director Bhagwan Das Narang has also said that he will step down after his term ends.

Yes Bank had objection: Let us tell you that Yes Bank has about 25 percent stake in Dish TV. Yes Bank is pushing for restructuring of the board, including the removal of Goyal, Narang and other members, citing corporate governance issues. The bank alleges that the board is acting at the behest of some minority shareholders.