ICICI Bank shares tumble, RBI slaps penalty

ICICI Bank share price hits lowest since October tanks 6% as Videocon controversy draws police Sebi probe

The Central Bureau of Investigation (CBI) has already registered a preliminary enquiry (PE) into the alleged nexus between Deepak Kochhar and Videocon group chairman Venugopal Dhoot. The deal recently made news after reports questioned the loan and linked it to a possible quid pro quo that Videocon group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar. Morgan Stanley started coverage on shares of ICICI Bank in a research note on Tuesday, January 16th. He transferred proprietorship of the company to a trust owned by Deepak Kochhar for Rs 9 lakh, six months after he received a loan of Rs 3,250 crore from ICICI Bank.

Personal ties between two people do not always result in criminal acts, Dhoot said in an interview aired on Marathi television channel ABP Majha.

He also denied reports that his group had invested Rs 64 crore in NuPower Renewables.

In a related development, the CBI officials said that Deepak Kochhar, who has been named in a preliminary enquiry, will be called for questioning soon.

Facing allegations of wrongdoing in the loan extended to Videocon Group, ICICI Bank MD and CEO Chanda Kochhar has pulled out of the annual session of FICCI Ladies Organisation (FLO), to be held later this week, where she was to be felicitated by President Ram Nath Kovind. The loan was a part of a consortium where a clutch of banks had lent Rs 40,000 crore including non-fund based facilities.

However, the bank did not say anything with regard to review of insolvency cases which was part of board meeting agenda for today. He had no contact with either Deepak Kochhar or Chanda Kochhar after the return of the stake, he said.

Dhoot said the company has serviced its debt obligations for over 32 years till it slipped into an NPA and assured to work towards making the loans performing again. ETRADE Capital Management LLC lifted its stake in shares of ICICI Bank by 53.4% in the 3rd quarter.

The bank will redeem 350, comprising of 0.001 per cent unlisted redeemable non-cumulative, preference shares of Rs 1 crore each allotted on April 21, 1998 with a tenure of 20 years are due for redemption on April 20, 2018.

At 11:30 AM, the stock had slipped 6.20% or 17.25 points to Rs 261.10, the lowest since October. TIAA CREF Investment Management LLC now owns 4,514,378 shares of the bank's stock worth $43,925,000 after buying an additional 3,414,843 shares during the period. The share sale opened on March 22, with the bank selling 24% stake in the brokerage firm.

Mumbai: Media is thick with reports about investigations being undertaken about financial affairs at ICICI Bank.

A few analysts, however, believe that Chanda Kocchar should step down to restore confidence in the bank and if that happens, it could have a negative implication of the performance of the bank.

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