ICRA painted red

Rating agency, ICRA is in the limelight today for all the wrong reasons. The company has sent its managing director and chief executive Naresh Takkar on leave, pending an enquiry into “anonymous" allegations  forwarded by SEBI against the executive.

The complaint alleged that there were lapses when the rating agency assigned a high rating of AAA to IL&FS last year.

SEBI has already initiated adjudication proceedings against the rating agency and its CEO.

Following this development, stock price of ICRA went down almost 7% to Rs.3005 and since morning, the pall of gloom remains over the stock.