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ICICI Bank Shares Slip After CBI FIR Against Chanda Kochhar

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Marking the seventh straight session of decline, the share price of ICICI Bank slipped over 1 percent in morning trade on Friday. The lender's stocks fell to as low as Rs 358.50 a piece before a slight recovery.

ICICI Bank Shares Slip After CBI FIR Against Chanda Kochhar
 

The fall comes a day after the CBI (Central Bureau of Investigation) filed an FIR against the bank's former MD and CEO Chanda Kochhar on charges of criminal conspiracy and abuse of official position to "dishonestly sanctioning loans to the Videocon Group".

Kocchar is accused of allegedly receiving "illegal gratification through her husband, Deepak Kochhar, from Videocon MD V N Dhoot for sanctioning a term loan of Rs 300 crore to Videocon International Electronics Ltd".

The bank's board had denied the allegations back in March 2018, when it surfaced, and released a statement giving her a clean chit.

Read more about: icici bank
Story first published: Friday, January 25, 2019, 11:16 [IST]
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