ICICI Bank down for eighth straight day; stock falls 5%
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Shares of ICICI Bank were trading lower for the eighth straight day at Rs 338, down 5 per cent on the BSE, on the back of heavy volumes. It was trading at its lowest level since December 11, 2018.
The stock of private sector lender has fallen 10 per cent since January 16, 2019, as compared to a 2 per cent fall in the S&P BSE Sensex. It hit a record high of Rs 383 on January 9, on the BSE in the intra-day trade.
According to a Business Standard report, the Central Bureau of Investigation (CBI) has named ICICI Bank’s former managing director and chief executive officer (MD and CEO) Chanda Kochhar and her husband Deepak Kochhar, along with his firms, as “accused” in the Rs 3,250-crore Videocon loan case.
The CBI on Thursday conducted raids at Videocon’s headquarters in Mumbai and an office in Aurangabad. It also searched Kochhar’s NuPower Renewables and Supreme Energy offices at Nariman point in Mumbai. The CBI probe has also reached the current and former brass of the ICICI Bank including K V Kamath, Sandeep Bakhshi, N S Kannan, Zarin Daruwala, Rajiv Sabharwal, Sonjoy Chatterjee and Homi Khusrokhan. According to the CBI, these people who were part of the various credit committees of ICICI Bank, sanctioned loans to the Videocon group in violation of the bank’s credit policy.
Meanwhile, the board of directors of ICICI Bank are scheduled to meet on Wednesday, January 30, 2019 to consider the approval of audited financial results for the quarter and nine months ended December 31, 2018.
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