India’s leading private multinational bank, ICICI had its shares drop considerably by 7 percent on the first trading day of the financial year 2018-19 right after Central Bureau of Investigation(CBI) imposed an inquiry relating to the loan sanctioned to Videocon Group.
After a close at Rs. 261.9 and down by 5.93 percent on BSE from the highest price since August 24, 2015, ICICI Bank market evaluation has worn down to Rs. 1.68 million on the BSE. As per the reports, CBI is probing actively on verifying allegations of corruption and looking into a possible nexus between Venugopal Dhoot, Chairman Videocon Group and Chanda Kochar’s husband, Deepak Kochhar. ICICI bank also declared reports of conflict ” malicious and unfounded” completely denying Kochar’s favor recommendations to the agglomerate.
Moreover, earlier on Thursday, The Reserve Bank of India (RBI) imposed a fine of Rs. 58.9 crore on ICICI Bank on account of failing to abide by the rules on sale of bonds in the held-to-maturity (HTM) category.
ICICI Bank Stocks have reportedly suffered a fall of 15 percent over the last three months while Axis Bank stocks have risen by 11 percent during the same period.
Bank’s Stocks sunk to a five-month low of Rs. 258.8 on National Stock Exchange( NSE).In the meantime, Nifty and Sensex opened on a firm note where Sensex reclaimed its 33,00-mark rising high by 100 points over global-cues.
While, in the share market, majority gains were acquired by sectors such as auto, oil and gas, infrastructure and capital goods. Companies like Hindalco, Axis Bank and State Bank of India (SBI) had their shares drop by 1 to 2 percent. On the other hand, Aurobindo Pharma Ltd., Lupin Ltd., Cipla, Kotak Mahindra and Bosch Ltd. surged by 3 to 4 percent.
Meanwhile, Indian Rupee was bartered on a negative note.