Shares of PTC India Financial Services (PFS) fell more than 18% on Thursday after the resignation of three independent directors from the company’s board over corporate governance issues and other issues.
On BSE, shares ended the day at Rs 20.95 each, down 18.32% from the previous close. During the trading session, the shares fell to a low of Rs 20.65 apiece, down 19.49% from its last close.
On NSE, it closed at Rs 20.95, down 18.32% after falling 19.10% to Rs 20.75 during the session.
On Wednesday, three independent PFS directors – Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew – resigned from the board effective immediately.
In the resignation letters, they alleged that certain actions of the company’s chairman and chief executive were “ultra-vires” and “in breach” of the provisions of the Companies Act 2013. PFS however refuted the accusations. . “The company adheres to best practices in corporate governance under the guidance of the developer, regulator and Indian government,” she said in a filing with the ESB.
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