The shares of HT Media, which owns Hindustan Times among other renowned media outlets declined on Monday, January 13. This came to pass after Praveen Someshwar, the former Chief Executive Officer (CEO) and Managing Director (MD), of the media conglomerate, quit the company.
HT CEO-MD Quits
In order to replace Praveen Someshwar, the company appointed Sameer Singh as the Group CEO of HT Media.
In an exchange filing, HT Media said on January 11, the company said, "This is to inform you that the Board of Directors of the Company at its meeting held today, i.e. 11th January 2025 (which commenced at 4:15 pm and concluded at 4:30 pm) has :
1. upon recommendation of the Nomination and Remuneration Committee, approved the appointment of Shri Sameer Singh as Group Chief Executive Officer (Key Managerial Personnel) pursuant to Section 203 of the Companies Act with effect from 1st March 2025;
2. taken note of and accepted the resignation of Shri Praveen Someshwar, Managing Director & Chief Executive Officer, with effect from 28th February 2025"
When we look at the company shares on Monday, the shares nosedived, right at the start of the day. However, it recovered, only to dwindle later on. At the time of writing, the shares of HT Media dropped by over 2 per cent, in the opening hours.
HT Media Shares In Decline
When we look at the overall picture and take a look at the cumulative loss suffered over the recent past, especially the past week, the decline is even greater.
On Monday, at the time of writing, the company shares dropped by 2.26 per cent or Rs 0.48 per piece.
The company shares have suffered losses of 8.16 per cent or Rs 1.84, bringing their overall value down to Rs 20.72 per piece.
