CARE Rating is among the top five losers on the BSE. The stock, which had closed yesterday at Rs.548.60, opened weaker at Rs.534 and went down further to hit a new 52-week low at Rs.450. Volumes were up 25-times.

The company announced today morning that its Board yesterday, considered and accepted the resignation of Mr. Ajay Mahajan as the Managing Director and Chief Executive Officer of the company due to personal reasons.

Accordingly, Mr. Ajay Mahajan will be relieved from the services as the Managing Director and Chief Executive Officer of the Company effective from the close of business hours on May 31, 2022. Consequently, he shall also cease to be Key Managerial Personnel of the Company in terms of Section 203 of the Companies Act, 2013. T

The Board appointed Mr. Mehul Pandya, Executive Director - Business Development as interim Chief Executive Officer of the Company with effect from June 01, 2022.