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ICICI Bank shares climbed on report of management reshuffle. The stock jumped as much as 2.51 per cent to Rs 289.6, marking its biggest intraday percentage gain since June 7.
According to a media report, ICICI Bank group is discussing a reshuffle of its top management that may see its life insurance venture’s CEO Sandeep Bakhshi becoming interim chief at ICICI Bank. This comes amid investigations into ICICI Bank chief executive Chanda Kochhar’s alleged violation of the lender’s code of conduct, the report said.
ICICI Prudential Life Insurance dropped as much as 1.37 per cent to Rs 395.7, lowest since April 24.
“Media report of Bakhshi becoming interim chief is positive and if it turns out to be true, then at the current level, ICICI bank becomes a great buy,” AK Prabhakar, head of research at IDBI Capital, said.
The country's second largest private sector lender is facing allegations over conflict of interest in loans made to Videocon , a consumer electronics and oil and gas exploration company, which is alleged to have been favoured by CEO Kochhar.
Earlier this month, ICICI Bank had said Kochhar was on a planned annual leave and denied a media report that she was asked to go on leave until an independent board enquiry is concluded.
ICICI Bank stock had fallen 10 per cent this year up to Friday's close.
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