ICICI Bank, one of India’s largest private banks in the country, is in the middle of another controversy. On September 3, allegations of violations of norms were levelled against the Mumbai-based bank. The bank’s performance at Dalal Street also appears to have been affected by this development.
ICICI’s Payments To Buch
Congress leader Pawan Khera blazed out with allegations of impropriety against the bank and claimed that ICICI Bank made payments in tune to Rs 16.8 crore to the SEBI Chief Madhabi Buch. It is to be noted that Buch has been mired in another controversy ever since Hindenburg Research came out with the allegations of Buch and her husband having vested interests in Ad. Group comp.es.
ICICI Issues Clarification
ICICI Bank later issued a clarification on the matter. The bank said, “ICICI Bank or its group comp.es have not paid any salary or granted any ESOPs to Ms. Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013,”
Unlike in the case of the Hindenburg allegations, Madhabi Buch or her representatives are yet to make a statement in the matter.
ICICI Shares on Tuesday
The ICICI bank shares started the day’s trade on Tuesday, September 3, on a negative note, with a relatively marginal decline in its prospects.
The company shares started for the day’s at Rs 1,227.20 per share in the early hours of the day’s trade. This, however, changed as the bank stocks progressed further. The decline in stock price slowed down. At 10:45 IST, this slump had been downsized significantly, with the drop standing at 0.15 per cent or Rs 1.85, taking the value to Rs 1,228.10.
In addition, banking index, the Nifty Bank, also observed a marginal decline in numbers. The index decreased in value by 0.046 per cent or 23.80 points, dropping to 51,415.75.
