CARE Ratings sends MD on leave over pending inquiry; stock slips 4%

Earlier this month, ICRA sent its managing director and chief executive officer Naresh Takkar on leave over a similar anonymous complaint.

Jul 18, 2019 10:07 IST India Infoline News Service

Credit rating agency CARE Ratings said that it has sent its managing director and chief executive officer Rajesh Mokashi on leave over the pending completion of the inquiry of an anonymous complaint received by the Sebi.

Shares of the company slipped 4% intraday in reaction to the news.

"The board of directors of CARE has decided to appoint T.N. Arun Kumar, currently executive director (Ratings) as interim chief executive officer ("CEO") of the company. He will not be part of rating operations to ensure independence of ratings," CARE stated in a filing late evening on Wednesday.

Earlier this month, ICRA sent its managing director and chief executive officer Naresh Takkar on leave over a similar anonymous complaint. The complaint said that ICRA's top management had interfered in assigning high ratings to IL&FS and its subsidiaries. 

CARE Ratings Ltd is currently trading at Rs869.95 down by Rs36.75 or 4.05% from its previous closing of Rs906.70 on the BSE.
The scrip opened at Rs880 and has touched a high and low of Rs880.25 and Rs862.50 respectively. So far 18,334 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,671.25cr.

Related Story