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ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar

The ICRA board said it would commence a search for Takkar's replacement, adding that Vipul Agarwal, remains responsible for the day-to-day operations of the firm until a CEO is appointed.

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

SI Reporter New Delhi
Shares of ICRA, the Indian arm of global rating agency Moody's, declined around 5 per cent on the BSE in the intra-day trade on Friday after the company terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment. The rating agency has attributed the unprecedented move to protect interests of the company and its shareholders.

According to the company, “ICRA remains committed to ensuring independence and integrity of its ratings process and sound corporate governance.”

Takkar had been on indefinite leave since July pending an inquiry by the Securities and Exchange Board of India (Sebi) after a whistle-blower

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First Published: Aug 30 2019 | 1:31 PM IST

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