ICICI Bank stock dips 3% on SFIO probe

Shares of ICICI Bank today slumped over 3 per cent in early morning trade as the bank's senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam.
It is the sixth straight session of fall for the stock and has slumped 12.75 per cent since February 26.
Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO yesterday with regard to a probe into the Rs 12,636-crore PNB swindle.
Shares of ICICI Bank today opened on a weak note and lost further ground to touch an intra-day low of Rs 285.30, down 3.32 per cent over the previous close.

Meanwhile, shares of Axis Bank, which has Rs 200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi, also fell 1.20 per cent to hit an intra-day low of Rs 510.55 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.