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ICICI Bank shares slide 6% on CBI probe reports; Rs 104-bn m-cap wiped out

The stock was the worst performer among blue-chips on both Sensex and Nifty indices on Monday

Press Trust of India  |  New Delhi 

ICICI Bank shares tank 6%; Rs 104 bn wiped out from market capital

Shares of plunged nearly 6 per cent on Monday wiping out Rs 104.52 billion from its valuation amid controversy over alleged conflict of interest involving the lender and Group.

The tumbled 5.93 per cent to end at Rs 261.90 on Intra-day, it dived 7 per cent to Rs 258.90.

At NSE, the plunged 5.92 per cent to close at Rs 261.85.

Following the sharp fall, the company's valuation eroded by Rs 104.52 billion to Rs 1.68 trillion at close.

The was the worst performer among blue-chips on both and Nifty indices on Monday.

On the volume front, 2.5 million shares of the company were traded on and over 70 million shares changed hands at during the day.

Shares of Industries also fell 4.97 per cent to Rs 12.42 - the lowest trading permissible limit for the day - on

With embroiled in a controversy over alleged conflict of interest involving its CEO Chanda Kochhar, regulator Sebi has begun looking into the matter for any possible disclosure and corporate governance-related lapses.

Earlier last week, some media reports mentioned about alleged involvement of Kochhar and her family members in a loan provided to Group on quid pro quo basis.

The CBI has questioned a few officials of as part of a preliminary enquiry to find out if any quid pro quo was involved in the bank giving Rs 32.50 billlion loan to the Videocon Group in 2012.

ICICI Bank said its board will meet today to review insolvency cases before National Company Law Tribunal, and other routine matters.

This is the first time the board will meet after the alleged controversy broke out.

The bank said that the board meeting is routine in nature.

Meanwhile, in a separate filing, the bank said it has not received any communication from the Enforcement Directorate relating to enquiry into the loan to Videocon group.

"We confirm that ICICI Bank has not received any communication from the Enforcement Directorate relating to any enquiry into Videocon group as on date," it said.

The bank further said it was not aware of any information that had not been announced to the exchanges under regulations.

The bank was asked by stock exchanges to clarify on the media report.

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, April 02 2018. 18:30 IST
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