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ICICI Bank shares reeling on police probe report

Apr. 02, 2018 5:05 AM ETICICI Bank Limited (IBN) StockIBN, VDTHBy: Sarina Penn, SA News Editor
  • Reuters reported over the weekend that India's Central Bureau of Investigation began a probe of ICICI Bank's (NYSE:IBN) lending practices two months ago, according to two people familiar with the matter.
  • The inquiry is focused on Videocon Group (NASDAQ:VDTH) CEO Deepak Kochhar, husband of ICICI Bank CEO Chanda Kochhar - as well as Videocon itself - as to whether recent transactions involving both firms entailed "nepotism" or "criminality," according to the Reuters sources.
  • In addition, last week the Reserve Bank of India slapped ICICI with a fine of 589 million rupees, or $9.1 million, for violating regulations related to the sale of certain government securities.
  • In the New York premarket, ICICI shares were recently sliding 7.6%.

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