ICICI Bank shares tank nearly 6%

Team Udayavani, Apr 3, 2018, 9:53 AM IST

Mumbai: Shares of ICICI Bank plunged nearly 6% on Monday, wiping out Rs 10,452.84 crore from its market valuation, amid controversy over alleged conflict of interest involving the lender and Videocon Group.

The stock tumbled 5.93% to end at Rs 261.90 on the BSE. Intra-day, it dived 7% to Rs 258.90. At the NSE, the stock plunged 5.92% to close at Rs 261.85.

Following the sharp fall, the company’s market valuation eroded by Rs 10,452.84 crore, to Rs 1,68,344.16 crore at close. The stock was the worst performer among blue-chips on both Sensex and Nifty indices on Monday.

On the volume front, 25.51 lakh shares of the company were traded on the BSE and over 7 crore shares changed hands at the NSE during the day. Shares of Videocon Industries also fell 4.97% to Rs 12.42 – the lowest trading permissible limit for the day – on the BSE.

With ICICI Bank embroiled in a controversy over alleged conflict of interest involving its CEO Chanda Kochhar, market 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 Videocon Group on quid pro quo basis.

The CBI has questioned a few officials of ICICI Bank, as part of a preliminary enquiry to find out if any quid pro quo was involved in the bank giving Rs 3,250 crore loan to the Videocon Group in 2012.

ICICI Bank said its board would meet to review insolvency cases before the NCLT.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Medical officer sexual harassment case: Dr Ratnakar granted bail

Police have obligation to act with empathy: Kerala HC

257 new COVID-19 cases, five deaths in Karnataka

Mass marriages rule out dowry and child weddings: CM

8.55 crore rural households have provision of tap water supply at home: Jal Shakti Ministry

Phenomenal achievement, says Dravid of Ashwin’s feat

‘Passed without discussion, repealed without discussion’: Omar’s jibe over farm laws

Related Articles More

RBI supersedes board of Reliance Capital; appoints administrator

Gold climbs Rs 242; silver zooms Rs 543

Sensex, Nifty pare losses in choppy trade; Reliance, TCS advance

Why investors kept on funding Zomato even after no profit for years?

Jio announces up to 21% hike in tariffs from Dec 1


‘Car’bar with Merwyn Shirva | Episode 1

NEWS BULLETIN 29-11-2021

Andhra Pradesh Primary school students go to police station for complaint against friend for pencil problem video goes viral in social media

Building Demolition work yet not start in Dandeli

Lawyers Protest against Corruption at Registration office Humnabad

Latest Additions

Pankaj survives; Amee, Ishika sail into second round

HAL to manufacture first four LUHs by 2022-23: Govt

Medical officer sexual harassment case: Dr Ratnakar granted bail

Salman Khan visits Sabarmati Ashram, tries his hands on ‘charkha’

Police have obligation to act with empathy: Kerala HC

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.