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Shares of ICICI Bank Ltd, the country's third-biggest lender by assets, fell as much as 1.7 per cent to Rs 280.1, their lowest in about 4 weeks.
The stock fell as the lender has initiated an internal probe to look into allegations by a whistle-blower against its Managing Director and CEO Chanda Kochhar.
The board of directors had decided on Tuesday to institute an enquiry headed by an “independent and credible” person. The name of the person was not disclosed.
“Conclusive outcome either from the proposed independent inquiry by the board or by the CBI will help in alleviating a key uncertainty for the stock,” Citi analysts wrote in a note, with rating “buy” and a price target of Rs 390.
Over 2.1 million shares change hands as of 0404 GMT, compared with the 30-day moving average of 18.2 million shares. About 42 brokerages of the 45 covering the stock rate it ”buy” or higher, two “hold” and one “sell” or lower; their median price target is Rs 378, according to Thomson Reuters Eikon data.
(With inputs from Reuters)
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