ICICI Bank pares gain as bank denies report on sending CEO on leave

Reuters | Updated on June 01, 2018 Published on June 01, 2018

Shares of ICICI Bank Limited were up 1.3 per cent after rising as much as 4.95 per cent. The bank denied reports of CEO Chanda Kochhar having been asked to go on leave until an independent inquiry on alleged cases of impropriety is concluded. It said Kochhar was on annual leave which was planned in advance.

The bank also denied setting up any search committee to find Kochhar's successor.

The bank said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Kochhar. ICICI Bank is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices

The stock posted its biggest intraday percentage gain since May 8. It is down about 9 per cent this year as of Thursday.

Published on June 01, 2018
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