ICICI Bank drops 2% as bank, Kochhar come under SEC lens

NEW DELHI: Shares of ICICI Bank fell 2 per cent in Monday's trade amid reports that the US markets regulator, the Securities and Exchange Commission (SEC), has started a probe against ICICI Bank, its chief Chanda Kochhar and her family members.

Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts, including in Mauritius, as part of their own probes, officials told PTI.

The stock declined 1.72 per cent to hit a low of Rs 283.20 on BSE. The scrip later cut losses to 0.3 per cent. Shares of ICICI Bank are also listed on US bourses.


When asked about its probe into matters related to ICICI Bank and Ms. Kochhar, a spokesperson for the SEC Office of Public Affairs declined to comment while queries sent to ICICI Bank also remained unanswered, the report added.

The bank has already instituted an independent enquiry into allegations of ‘conflict of interest’ and ‘quid pro quo’ in Kochhar’s dealing with certain borrowers.