ICICI Bank up 4% on reports that board is mulling top management reshuffle

ICICI Bank was trading 3.8% higher at Rs 293 on the BSE, as compared to 0.09% decline in the S&P BSE Sensex at 12:45 pm.

ICICI Bank was trading 4% higher at Rs 294 on the BSE in otherwise range-bound market after the media reports suggested that the board of private sector lender is discussing a reshuffle of its top management.

The BSE said the Exchange has sought clarification from ICICI Bank Ltd with respect to news article appearing on The Economic Times - June 18, 2018 titled "ICICI board mulls reshuffle of top management - ICICI Prudential Life chief Bakhshi may be named ICICI Bank interim Chief Executive Officer (CEO)".

The reply is awaited.

According to Business Standard report, ICICI Bank Chairman M K Sharma has written an email to board members seeking their opinion on whether Managing Director (MD) & Chief Executive Officer (CEO) Chanda Kochhar should be asked to go on indefinite leave until the internal enquiry is concluded, said people in the know.

Sources said this matter would come up for discussion in the bank’s board meeting scheduled to be held on June 27. The meeting would be the last for Chairman Sharma, who retires on June 30, added report. CLICK HERE TO READ FULL REPORT

At 12:45 pm; ICICI Bank was trading 3.8% higher at Rs 293 on the BSE, as compared to 0.09% decline in the S&P BSE Sensex. A combined 18.42 million shares changed hands on the counter on the BSE and NSE so far.