ICICI Bank share price surged about 5% in the early morning deals on Friday, posting a sharp recovery from yesterday’s downtrend after the board of India’s third-largest bank decided to probe alleged charges against CEO Chanda Kochhar. The board of ICICI Bank, in an announcement, trashed a morning news report that said that the company has asked Chanda Kochhar to go on an indefinite leave till the independent enquiry is completed.
“The ICICI Bank Board denies having asked Ms Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor,” ICICI Bank said in an exchange filing.
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The stock of ICICI Bank gained as much as 4.95% to a day’s top of Rs 299.95 on NSE while the stock zoomed 4.83% to a day’s high of Rs 299.4 on BSE on Friday. This was the biggest intraday percentage gain since 8 May 2018. Massive trading volumes were seen on the counters of ICICI Bank. Following which ICICI Bank shares topped the turnover among all the listed stocks on NSE on Friday. Up until 10:25 am, more than 1.65 crore equity shares exchanged hands on both NSE and BSE with about 1.59 crore equity shares being traded on NSE alone.
Earlier on 29 May 2018, ICICI Bank’s board of directors said it has decided to have an independent enquiry into the allegations of impropriety against CEO Chanda Kochhar following a whistleblower’s allegation of ‘quid pro quo’ and ‘conflict of interest’ between Chanda Kochhar’s husband Deepak Kochhar and Venugopal Dhoot, Chairman and Managing Director, Videocon.