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.