ICICI Bank shares fall over 3% on SFIO probe

New Delhi: Shares of ICICI Bank Ltd on Wednesday slumped over 3% in early morning trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the Punjab National Bank (PNB) scam.

It is the sixth straight session of fall for the stock and has slumped 12.75% since 26 February. Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO on Tuesday with regard to a probe into the Rs12,636-crore PNB fraud.

Shares of ICICI Bank opened on a weak note and lost further ground to touch an intraday low of Rs285.30, down 3.32% over the previous close.

Meanwhile, shares of Axis Bank, which has Rs200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi, also fell 1.20% to hit an intraday low of Rs510.55 on BSE.

SFIO has sought information on the accounts of Nirav Modi and Gitanjali groups of companies. “ICICI Bank has no exposure to the Nirav Modi group of companies, nor has it issued any LoU; nor has any buyer’s credit exposure against LoUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies,” the ICICI Bank response said.

ICICI Bank