KRBL shares nosedive 13%. What’s behind the sharp selloff?
Shares of rice exporter KRBL Ltd crashed 12.8% to an intraday low of Rs 387.05 on the BSE on Monday, September 15, after independent director Anil Kumar Chaudhary resigned from the company’s board, citing concerns over corporate governance.
In a letter addressed to the board, Chaudhary said the current dynamics were inconsistent with the principles of effective governance and independent oversight, which are critical to safeguarding stakeholder interests.
He pointed to issues such as inconsistencies in recording minutes of meetings, withholding of information affecting decision-making, and the write-off of certain export receivables without adequate discussion.
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