Shares of Zee Entertainment Enterprises closed nearly 40 percent up on Tuesday after top investors of the company called a shareholder meeting for a management reshuffle.

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Manish Chokhani and Ashok Kurien resigned from the position of Non-Executive Non-Independent Directors of the company with immediate effect.

In a separate filing, the company’s shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC had called an extraordinary general meeting (EGM) seeking the removal of Punit Goenka, Manish Chokhani and Ashok Kurien as directors of the company.

On the Bombay Stock Exchange (BSE), Zee Entertainment Enterprises shares rose as much as 44.99 percent to an intraday high of Rs 270.85 apiece. It, however, managed to settle at Rs 261.50, up 74.70 points or 39.99 percent from its previous close.

On the National Stock Exchange (NSE), the company's shares advanced to Rs 270.90 apiece intraday, up 44.98 percent. It later finished the day at Rs 261.70, up 74.85 points or 40.06 percent.

On the other hand, the Indian equity benchmark indices scaled record highs during the session on Tuesday and snap the losing streak to close higher.

The 30-scrip Sensex closed at a high of 58,247, as it rose 69 points and the Nifty50 index surged 25 points to end at 17,380, a record closing high for the benchmark. The broader markets outperformed the benchmarks as both mid-caps and small-caps rallied a percent higher.

(Edited by : Abhishek Jha)