Crisil, the Standard & Poor's Indian arm, said on Tuesday that its chief executive officer Roopa Kudva is stepping down. The shares of the company fell after the news broke.
Roopa Kudva has completed seven years as the Managing Director & CEO in the rating agency. Kudva said she would continue in the post until a successor is found.
"Change at the top at judicious intervals, is a sound governance practice and allows companies to refresh themselves," Kudva said.
Crisil chairman Douglas L Peterson noted in his message that its the company's market capitalisation has increased from 2,900 crore rupees ($4.79mn) to Rs. 14,000 crores ($23.14mn).
Kudva is a member of several policy-level committees relating to the Indian financial system, including committees of the Securities and Exchange Board of India and the Reserve Bank of India.
Crisil shares fell 0.5% on the day to 1,965 rupees on Tuesday while the benchmark stock index BSE-100 was also down by the same margin.