Sunday, Nov 28, 2021 | Last Update : 03:22 PM IST

  Business   Companies  02 Jul 2019  Icra shares tumble over 5 pc after company sends MD and CEO on forced leave

Icra shares tumble over 5 pc after company sends MD and CEO on forced leave

PTI
Published : Jul 2, 2019, 4:52 pm IST
Updated : Jul 2, 2019, 4:52 pm IST

The scrip dropped 5.23 per cent to close at Rs 3,050.10 on BSE. During day, it tanked 8.83 per cent to Rs 2,934.

Action against Takkar has been taken
 Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India (SEBI)", Icra said.

New Delhi: Shares of rating agency Icra tumbled over 5 per cent om Tuesday after the company decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the "concerns" raised by capital markets watchdog Sebi.

The scrip dropped 5.23 per cent to close at Rs 3,050.10 on the Bombay Stock Exchange. During the day, it tanked 8.83 per cent to Rs 2,934.

 

At the NSE, shares declined 4.62 per cent to close at Rs 3,015.

The agency has appointed chief financial officer Vipul Agarwal as the interim CEO who will be reporting to the board, according to a company filing on Monday.

Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India (SEBI)", the agency said.

Though the agency did not share the exact reasons for the unprecedented step, which is a first in the industry, it can be noted that the move comes at a time when rating agencies are under a cloud following the IL&FS debacle.

 

Tags: icra, bombay stock exchange, bse, sebi, il&fs
Location: India, Delhi, New Delhi