ICICI Bank stock slumps 7%; mcap drops Rs 11,353 cr
New Delhi: Shares of ICICI Bank plunged 7 per cent today, wiping out Rs 11,353 crore from its market valuation during the morning trade, amid controversy over alleged conflict of interest involving the lender and Videocon Group.
The stock tanked 7 per cent to Rs 258.90 on BSE.
At NSE, shares of the company slumped 7 per cent to Rs 258.80.
The stock was the worst hit among the blue-chips on both Sensex and Nifty during the morning trade.
Shares of Videocon Industries also fell 4.97 per cent to Rs 12.42 - its lower trading permissible limit for the day - on 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 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 pointed that the board meeting is routine in nature.