BENGALURU - Shares of PTC India Financial Services Ltd fell as much as 8.3% on Monday after India's market regulator directed the non-banking financial company over the weekend to address corporate governance issues before holding any board meeting.

The Securities and Exchange Board of India (SEBI) also asked PTC India Financial to file an action-taken report in four weeks, the company said.

The firm was accused of lapses in corporate governance by four independent directors, who resigned last week.

The company's majority owner, PTC India Ltd, last week said it would investigate the matter and formed an internal committee, which would submit a report in 30 days.

PTC India Financial's board meeting was scheduled for Jan. 22, but could not be held. The non-banking financial company said it had filed an application with SEBI, seeking permission for the board meeting for the appointment of independent directors.

PTC India invited bids in 2020 for selling its stake in PTC India Financial, but was not able to get any suitors.

PTC India Financial's shares are down nearly 30% since hitting a multi-year high last week.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta)

© Reuters News 2022