Indra's shares fall on the stock market due to rumors about its president.

BarcelonaIndra shares led the stock market declines on Tuesday, falling by more than 8% and ending the session with a 4.19% loss at €57.10. Analysts attribute this negative performance to reports that the Spanish government, through SEPI, its main shareholder with over 25%, has requested the dismissal of the company's president, Ángel Escribano.

According to The ConfidentialNumerous sources confirm the desire for the dismissal to occur even before the next board meeting, scheduled for March 25. Escribano, along with his brother, owns 14.3% of Indra and has two board members. He has also been chairman of the company since January of last year, when he replaced Marc Murtra, who went on to become chairman of Telefónica. The measure would not affect Indra's CEO, José Vicente de los Mozos.

One aspect that has been controversial is the potential conflict of interest regarding the planned merger between Indra and EM&M, the company owned by Escribano and his brother Javier – who also sits on Indra's board of directors. In any case, the businessman, at a conference organized by the newspaper Expansion, He asserted that he is not involved in this potential merger. "As you all know, I am completely uninvolved in the operation. It's a project that originated before I became president of Indra," he said.

In fact, the National Securities Market Commission (CNMV) forced Indra to publish the protocol to avoid a possible conflict of interest In the event that the company decided to integrate EM&M, this protocol would require Ángel Escribano to be excluded from the operation, which would be led by Indra's CEO, José Vicente de los Mozos.

The Minister for Digital Transformation and Public Administration, Óscar López, declined to comment on Escribano's continued tenure. "I have no information on the matter," he stated to the media at the Aslan congress, which is being held this week in Madrid. Meanwhile, the Minister of Economy, Carlos Cuerpo, confirmed that the decision regarding whether the president of Indra will remain at the helm of the company rests with the board of directors. "These types of decisions are the responsibility of the company's governing bodies," he noted at the press conference following the cabinet meeting, in response to a question on the subject.