Business News
ICICI Bank Shares Slump After CBI Probe Into Videocon Loan
IDFC Securities expects ICICI Bank shares to remain under pressure in the short term.
“While this fine will not have a material impact on earnings, it is negative on sentiment because other banks seem to have interpreted the rules correctly,” IDFC Securities analysts wrote in a note. “We see pressure in the short term following the fine, allegations and CBI’s preliminary enquiry,” IDFC Securities added.
Meanwhile, Business Standard reported that Enforcement Directorate has initiated an enquiry in ICICI-Videocon loan.
Separately, ICICI Bank had earlier said that it will convene a board meeting today to review cases under the Insolvency and Bankruptcy Code which are before the National Company Law Tribunal along with other routine matters.
The board meeting is the first one after a controversy broke out last week over alleged conflict of interest involving its CEO and MD Chanda Kochhar and Videocon group.