ICICI Bank gains 4% after Chanda Kochhar quits as MD & CEO

The stock moved higher by 6% to Rs 321 in intra-day trade, bouncing back 9% from its early morning low of Rs 295 on the BSE.

Shares of ICICI Bank ended 4% higher at Rs 316 on the BSE as compared to 2.2% decline in the S&P BSE Sensex, after the board of directors of private sector lender accepted the request of Chanda Kochhar to seek retirement from the Bank 'at the earliest'.

The stock hit an intra-day high of Rs 321 on the BSE, bouncing back 9% from its early morning low of Rs 295 on Thursday. The trading volumes jumped three-fold, with a combined 59.94 million equity shares changed hands on the NSE and BSE.

“The Board accepted this request with immediate effect. The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Ms Kochhar will also relinquish office from the board of directors of the Bank's subsidiaries,” ICICI Bank said in a regulatory filing.

The board decided to appoint Sandeep Bakhshi as managing director & chief executive officer (MD & CEO). His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals, ICICI Bank said.

Separately, due to health reasons MD Mallya, an independent director, resigned from the board and the same was accepted, it added.