After strategic and performance review of PT ICRA Indonesia (ICRAIndo), subsidiary at Indonesia, ICRA recognized that the path to scalability presents significant challenges in the current environment and therefore has decided to withdraw the rating services business activity in Indonesia, subject to requisite approval of relevant regulatory authorities.

ICRAIndo launched its operations in Indonesia in September 2010 following the grant of licence by Regulator at Indonesia.

ICRA is a full-service Credit Rating Agency with its shares listed on the BSE and the National Stock Exchange.

Shares of the company gained Rs 21.75, or 0.52%, to trade at  Rs 4,207.60.  The total volume of shares traded  was  110 at the BSE (1.57 p.m., Monday).