New Delhi: A day after Network18 Group announced the resignation of its Chief Executive Officer B. Sai Kumar, its Chief Financial Officer R.D.S. Bawa has also decided to quit the media conglomerate.

“Bawa has spent over 19 years with the Group, since its early years. Over the years, he has led the Group’s financial efforts in the creation and management of the Group’s various businesses,” Network18 Group said in a press statement today.

Speculation is rife in newspapers that there could be further high profile exits from the group, including founder and editor Raghav Bahl.

Mint newspaper today reported that Chief Operating Officer Ajay Chacko has also resigned from the group.

Mukesh Ambani’s Reliance Industries Ltd indirectly controls Network18 Group.

Network18 runs its media business through listed entities Network18 Media & Investments Ltd and TV18 Broadcast Ltd.

At 1322 IST today, shares of Network18 Media & Investments were up 7.5% at 45.15 rupees, while TV18 Broadcast gained 3.1% to 35.20 rupees on the National Stock Exchange.

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