Home Market ICICI Bank drops 2% on mounting scrutiny

ICICI Bank drops 2% on mounting scrutiny

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NEW DELHI: ICICI Bank stock came off 2 per cent on Thursday after the lender raised a red flag on increased regulatory scrutiny and reputational risks due to the ongoing investigation against CEO Chanda Kocchar.

The bank in a filing with the US Securities and Exchange Commission (SEC) has also cautioned that any bank official if found guilty could adversely impact its operational results and financial condition.

The stock weakened 1.7 per cent to hit a low of Rs 294.05 on the BSE early in the morning.

“In the event that the bank or individuals associated with the bank are found by the independent enquiry, the Sebi enquiry or the CBI investigation to have violated applicable laws or regulations, the bank or individuals associated with the bank could become subject to legal and regulatory sanctions that may materially and adversely affect our results of operations, financial condition and reputation,” the bank said in an annual filing to the US securities regulator.

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