After selling over 16.5% stake in ZEEL, Chairman of the company, Subhash Chandra stepped down as promoters’s stake now stands at 5%. His resignation was accepted, effective immediately. He remains as the non-executive director at ZEEL.

In restructuring the Board, the company appointed three new independent directors—R Gopalan, Surendra Singh and Aparajita Jain. They replace two independent directors and one nominee director of Essel Group.

With institutions investing Rs.4700 crore in the group, this reconstitution was essential to reinstate faith.

The market is yet to be convinced though as the stock is today among the top five losers on the BSE, hitting an intraday low at Rs.312.50, going down over 9%.