Shares of ICRA on Friday fell over 3 per cent after the rating agency's board terminated services of its Managing Director and Chief Executive Officer Naresh Takkar, following appearance of his name in the IL&FS case.
The scrip declined 3.30 per cent to close at Rs 2,707.55 on the BSE. During the day, it tumbled 4.96 per cent to Rs 2,661.10.
On the National Stock Exchange, shares fell by 1.66 per cent to close at Rs 2,738.80 apiece.
"The board of directors of ICRA Ltd, at a meeting, 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," ICRA said in a regulatory filing on Thursday.
The ICRA board will commence search for a replacement, it said.
Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog Sebi.
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