ICICI Bank's Chanda Kochhar quits, Sandeep Bakhshi appointed as new CEO

Chanda Kochhar, facing a probe for charges of wrongdoing in giving loans, has quit as managing director (MD) and chief executive officer (CEO) of ICICI Bank, after heading the private lender for nearly a decade. 

ICICI Bank has appointed Sandeep Bakhshi MD and CEO for a five-year term.

The market took the development positively as the bank’s stock gained 4.07 per cent over the previous close, while the Sensex declined 2.24 per cent.

Kochhar has been on long leave to facilitate the independent investigation, which is being conducted by former Supreme Court judge B N Srikrishna. “The board of directors of ICICI Bank