CARE Ratings shares hit 52-week low after MD and CEO Ajay Mahajan resigns
CARE Ratings on Tuesday said that managing director and CEO Ajay Mahajan has resigned from his post citing personal reasons. At 11:54 AM, the stock was trading 15.83 percent lower at Rs 462 per share on the BSE.
The share price of CARE Ratings hit a 52-week low, declining more than 17 percent on Wednesday, after the company's managing director and CEO Ajay Mahajan resigned.
The rating company on Tuesday said that Mahajan resigned from his post citing personal reasons.
The stock touched a 52-week low of Rs 452.20 per share today following the news. At 11:54 AM, the stock was trading 15.83 percent lower at Rs 462 per share on the BSE.
An eight-fold jump was seen in the trading volumes as over 530,000 shares changed hands on the NSE and BSE.
Source: BSECARE Ratings had touched a 52-week high of Rs 791.15 on July 2, 2021.
"The board of directors of the company at their meeting held on Tuesday, April 26, 2022, considered and accepted the resignation of Ajay Mahajan as the MD & CEO," the company said in a regulatory filing on Tuesday.
The Board has decided to appoint Mehul Pandya, Executive Director - Business Development, as the interim CEO of the firm with effect from June 01, 2022.
Mahajan was appointed as the chief of the credit rating firm two years ago after its former chairman SB Mainak and then MD and CEO Rajesh Mokashi came under regulatory scanner for allegedly influencing the company's rating exercise.
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