Comments
Shares of ICICI Bank today slumped over 3 per cent in early morning trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam. It is the sixth straight session of fall for the stock and has slumped 12.75 per cent since February 26.
Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO yesterday with regard to a probe into the ₹12,636-crore PNB swindle.
Shares of ICICI Bank today opened on a weak note and lost further ground to touch an intra-day low of Rs 285.30, down 3.32 per cent over the previous close.
At about 11.50 am, the stock was quoting at ₹287.60 (-2.54% or ₹7.50).
Meanwhile, shares of Axis Bank, which has ₹200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi, also fell over 1 per cent to hit an intra-day low of ₹508 on the BSE. At about 11.50 am, the stock was trading at ₹509.50 (-₹6.80 or 1.32 per cent).
SFIO has sought information on the accounts of Nirav Modi and Gitanjali groups of companies.
“ICICI Bank has no exposure to the Nirav Modi group of companies, nor has it issued any LoU; nor has any buyer’s credit exposure against LoUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies,” the ICICI Bank response said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.