ICRA declines after board sacks CEO Naresh Takkar

ICRA fell 2.21% to Rs 2,738 after the company terminates the employment of CEO and MD Naresh Takkar.

The board of directors of ICRA after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Naresh Takkar as managing director and group CEO of ICRA, effective immediately. The ICRA board will commence a search for a replacement.

Vipul Agarwal, who was appointed interim COO on 1 July 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. ICRA remains committed to ensuring the independence and integrity of its ratings process and sound corporate governance. The announcement was made after market hours yesterday, 29 August 2019.

Shares of ICRA gained 8.3% in the past four trading sessions to settle at Rs 2,800 yesterday, 29 August 2019, from its close of Rs 2,585.40 on 23 August 2019.

On BSE, 43 shares were traded in ICRA counter, compared to a 2-week average of 147 shares. The stock hit an intraday high of Rs 2,739.85 and an intraday low of Rs 2,661.10.

It hit a 52-week high of Rs 3,807 on 18 September 2018 and a 52-week low of Rs 2,570.15 on 23 August 2019.

ICRA is professional investment information and a credit rating agency. The firm operates through four segments: rating, research and other services; consulting services; outsourced and information services; and professional and IT services.

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