Ricoh India shares hit lower circuit; down 5 per cent

By: | Published: April 5, 2016 8:43 PM

Shares of IT solutions firm Ricoh India fell by 5 per cent after its MD and CEO Manoj Kumar resigned from the board on being asked to go on leave amid ongoing audit in the company by a committee.

sensexShares of IT solutions firm Ricoh India fell by 5 per cent after its MD and CEO Manoj Kumar resigned from the board on being asked to go on leave amid ongoing audit in the company by a committee.

Shares of IT solutions firm Ricoh India fell by 5 per cent after its MD and CEO Manoj Kumar resigned from the board on being asked to go on leave amid ongoing audit in the company by a committee.

The stock lost 4.99 per cent to settle at Rs 372.80, its lower circuit limit, on BSE.

Shares of the company have been falling for the last 10 trading sessions and had lost a cumulative 34.79 per cent.

“Manoj Kumar has resigned from the board of directors of the company with effect from April 2, 2016. He had been asked to go on leave on the March 29, 2016, by the decision of the board of directors,” the company had said in a BSE filing yesterday.

On April 1, the company had asked Kumar, Arvind Singhal, the CFO, and Anil Saini, Senior Vice President and COO to take leave as the audit proceedings go on.

In a disclosure on February 18, the company stated that new auditors of the company are conducting limited review.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition