ICRA Limited placed AAVAS Financiers' long-term ratings ([ICRA]AA for bank lines, NCDs) on "Rating Watch with Developing Implications." Commercial Paper rating is [ICRA]A1+. This reflects uncertainty from multiple recent senior management exits, including CEO & CFO. ICRA will assess the impact on business and fundraising. AAVAS maintains strong liquidity of Rs. 2,114 Cr.