Ricoh India extends fall as MD & CEO resigns from board

In past four-weeks, the stock tanked 40% as compared to 1.5% rise in the S&P BSE Sensex.

Ricoh India is locked in lower circuit for six straight trading session down 5% at Rs 373 on the BSE after its managing director (MD) and chief executive officer (CEO) Manoj Kumar resigned from the board.

“Manoj Kumar has resigned from the board of directors of the company with effect from April 02, 2016. He had been asked to go on leave on the March 29, 2016 by the decision of the board of directors,” Ricoh India said in a BSE filing.

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On 1 April, Ricoh India sent its top management, including Manoj Kumar, on leave on Friday after the BSE accused it of non-compliance. The company, which is in the business of printing and imaging solutions, failed to submit its limited review reports to the regulator for two consecutive quarters - September and December 2015.

Other than Kumar, chief financial officer Arvind Singhal and senior vice-president and chief operating officer Anil Saini have also been asked to go on leave, the company informed the BSE.

Ricoh has appointed an independent agency comprising an independent law firm and accountants to assist the Audit Committee.

On March 28, the BSE grouped Ricoh along with four other companies under the 'Z' group, wherein their scrips would be settled on trade-for-trade basis. Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

Since March 28, the stock has fallen 24% from Rs 492 on the BSE. In past four-weeks, it tanked 40% from Rs 625 on March 8, as compared to 1.5% rise in the S&P BSE Sensex.

Till 01:42 PM, around 441 shares changed hands and there were pending sell orders for 352,263 shares on the BSE.