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Icra shares tumble over 5 per cent after company sends MD, CEO on forced leave

Icra has appointed chief financial officer Vipul Agarwal as the interim CEO who will be reporting to the board.

Published: 02nd July 2019 04:51 PM  |   Last Updated: 02nd July 2019 04:51 PM   |  A+A-

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For representational purposes (File Photo | Reuters)

By PTI

NEW DELHI: Shares of rating agency Icra tumbled over 5 per cent 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 BSE.

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", 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.

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