PTC India Financial Services plummets 18% after three directors resign

Shares of PTC India Financial Services (PFS) tanked over 18 per cent on Thursday after all the three independent directors on the company's board resigned over corporate governance issues and other matters.

On BSE, shares ended the day at Rs 20.95 apiece, down 18.32 per cent over previous close. During the trading session, the shares fell to a low of Rs 20.65 apiece, down 19.49 per cent over its last close.

On NSE, it closed at Rs 20.95, a fall of 18.32 per cent after tumbling 19.10 per cent to Rs 20.75 during the session.

On Wednesday, three independent directors of PFS – Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew – resigned from the board with immediate effect.

In the resignation letters, they alleged that certain actions of the chairman of the board and managing director of the company are “ultra-vires” and “in violation” of the provisions of the Companies Act, 2013. PFS, however, refuted the charges. “The company is adhering to best corporate governance practices under guidance of promoter, regulator and Government of India,” it said in filing with BSE.