INSUBCONTINENT EXCLUSIVE:
NEW DELHI: ICICI Bank shares extended their losses to the second consecutive session on Tuesday.
During the last two sessions, the scrip
took a plunge of over 5 per cent owing to less palatable news around it.
A PTI report on Monday said that a preliminary examination by Sebi
has favoured adjudication proceedings against the bank and its CEO Chanda Kochhar for alleged violation of listing disclosure norms
regarding 'conflict of interest' in business dealings of her husband with Videocon group
The report further said, quoting a senior official, that the bank may face a penalty of up to Rs 25 crore under the relevant Sebi
regulations for such lapses, while the fine on Kochhar may go up to Rs 1 crore, besides other penal actions.
Investors have turned cautious
on the bank after the whistleblower's complaint.
In a BSE Filing on Friday, the bank made its stand clear on allegations made by a
whistleblower on irregularities regarding loan provisioning.
The bank clarified that the "allegations relating to incorrect accounting of
interest income and NPA recoveries as fees, and overvaluation of security for corporate loans, were not borne out."
Around 12 pm, shares of
the company were trading at Rs 285.60 apiece, down by 1.33 per cent
The BSE Sensex was 0.22 per cent up at 35,548.30 around the same time
