Stocks

CARE Ratings shares fall nearly 5% after MD sent on leave

PTI New Delhi | Updated on July 18, 2019 Published on July 18, 2019

Shares of CARE Ratings on Thursday fell by nearly 5 per cent after the company sent its MD and CEO Rajesh Mokashi on leave, pending completion of the examination of an anonymous complaint received by SEBI.

The scrip declined 4.67 per cent to close at ₹864.35 on the BSE. During the day, it tanked 5.28 per cent to ₹858.75. On the NSE, shares dropped 3.21 per cent to close at ₹878.

The company has decided to appoint T N Arun Kumar, currently executive director (ratings), as interim chief executive officer (CEO), CARE Ratings said in a late evening regulatory filing on Wednesday. “The board of directors of CARE Ratings has at its meeting decided, pending the completion of the examination of anonymous complaint received by Sebi and forwarded to CARE Ratings, to place Rajesh Mokashi, Managing Director and CEO of CARE, on leave with immediate effect, until further notice,” it said.

Earlier this month, ICRA decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the “concerns” raised by the capital markets watchdog SEBI.

Published on July 18, 2019
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