OnMobile Global has bounced back by 13% from day’s low of Rs 34.95 after Arvind Rao, founder, managing director and chief executive officer of the company resigned following a KPMG report that confirmed faulty corporate practices under his stewardship.
“The review has identified some weaknesses; strong alternate controls have ensured that the company did not suffer any loss. The company has initiated steps to rectify all the weaknesses,” OnMobile said in a press release.
Following Rao’s resignation, Mouli Raman, co-founder and executive director, will now act as interim MD and CEO until the search for a new CEO ends, it added.
A combined 7.76 million shares have changed hands on the counter in morning deals on both the exchanges.