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Erasing the initial losses, shares of telecom value-added service provider OnMobile today made a smart recovery and rose by over 7 per cent, even as the company’s Managing Director and CEO, Mr Arvind Rao, resigned from the post, amid allegations of financial irregularity.
The shares of the company recovered the initial losses and as the trade progressed it gained 7.44 per cent to Rs 36.10 on the BSE, amid an overall upsurge in the broader market.
At the NSE, the scrip jumped 7.44 per cent to Rs 36.10.
OnMobile’s Co-founder and Executive Director, Mr Mouli Raman, has been given role of interim Managing Director. The company has also initiated a search for a new CEO.
Meanwhile, in the broader market the BSE Sensex was trading at 17,486.87, up 94.89 points, at 1130 hrs.
>OnMobile CEO Arvind Rao quits
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