KRBL share price: Shares of agri-stock KRBL tumbled nearly 13% in early trade on Monday, September 15, slipping to the level last seen two months ago.
The decline in KRBL shares followed the resignation of an independent director amid concerns over corporate governance.
KRBL share price hit the day’s low of ₹387.05 on the BSE, down 12.8% from its last closing price of ₹444.10 on Friday.
KRBL Independent Director Alleges Corp Governance Lapses
The small-cap company, in an exchange filing, informed that Anil Kumar Chaudhary, Independent Director, has resigned from his post with the date of cessation being September 8, 2025.
In his letter of resignation, Chaudhary alleged a lack of independent oversight and governance lapses in the functioning of the board.
“I believe that effective governance and truly independent oversight are essential ingredients for safeguarding stakeholder interests, and I find the prevailing dynamics of the Board to be inconsistent with these principles,” Anil Kumar Chaudhary said in his letter.
Among the red flags raised by Chaudhary include:
- Inconsistencies in the recording of Minutes of the Board and Committee Meetings
- Instances of information being withheld, impacting informed decision-making
- Unjust write-off of certain export receivables without adequate deliberation
- Concerns regarding the use of CSR funds
- Arbitrary distribution of Variable Pay and Annual Increments to Persons Holding Office or Place of Profit
- Significant changes to the Object Clause undertaken without comprehensive discussion
- Undue interference by the invitees in the proceedings of the Board and Committee Meetings
Chaudhary said that despite his earnest efforts to address them through constructive dialogue, these issues continued to pose professional and ethical dilemmas.
He further said that he raised these matters whenever appropriate, hoping for a resolution in the interest of the company and its stakeholders.
“In such an operating environment where dissent is suppressed or sidelined, remaining on the Board would compromise both my professional ethics and obligations as defined under Indian corporate governance codes,” he added.
KRBL Share Price – Technical Outlook
With today’s fall, KRBL share price is trading 22% below its all-time high of ₹495, hit in August this year. However, the small-cap stock still trades 71% above its 52-week low of ₹225.70, touched in April.
The stock with a market cap of ₹9,000 crore saw huge volumes in trade, with the total traded quantity on BSE so far above 3 lakh, as against the two-week average of 46,000 shares.
As of 10 am, KRBL share price was down 8.85% at ₹404.80.
“KRBL opened with a gap down, retesting the breakout point of its 364-day long cup and handle pattern. Ideally, volumes should remain low during a healthy retest, but in this case, volumes have surged to nearly double the 50-day EMA within just the first hour of trade. This raises concern, as it appears more like long liquidation than a simple retest of breakout levels,” said Anshul Jain, Head of Research at Lakshmishree Investment.
A decisive close below 370 would confirm weakness and open the door for further downside, making the stock vulnerable to additional selling pressure in the near term; bulls must defend 370 to sustain strength, Jain added.
KRBL is the world’s largest Basmati rice exporter and miller. It runs the well-known brand, India Gate.