OnMobile Global stock recovers as CEO resigns

The stock of OnMobile Global which was badly battered in the last few trading session has recovered after the resignation of its CEO Arvind Rao.

The share of the company was up 6.25% and was seen trading at Rs 35.70 on the Bombay Stock Exchange.

Rao had resigned after a board meeting late on Monday evening following allegations of corporate governance issues. "Recognising that these weaknesses took place during his tenure, Rao submitted his resignation with immediate effect and the board has accepted the same," the company said in statement.

The company announced that Mouli Raman, co-founder and executive director of the company, has been given the interim role of MD while a search for a new CEO has been initiated.

GoodReturns.in