ICICI stock soars 4% on buzz of top management rejig

Mumbai: ICICI Bank shares rose as much as 4 per cent on Monday after a report of top management reshuffle. According to news report, the bank board is discussing a change in its top management that may see its life insurance venture’s CEO Sandeep Bakhshi becoming interim chief at ICICI Bank.

ICICI Bank said in a statement that CEO Chanda Kochhar will proceed on leave to facilitate an independent investigation into charges of favouritism and impropriety while the group’s life insurance head Sandeep Bakhshi will run the bank as chief operating officer.

On BSE, the shares of the bank ended at Rs 293.20, up 3.86 per cent while on the NSE the stock gained 4.07 per cent to close at Rs 294. Following the report, the stock exchanges have sought clarification from ICICI Bank.


“The market has priced in the development. The matter has been in the news for more than 60 days. So, there won’t be any significant change in the stock price on account of this event,” said Sandeep Nayak, ED, Centrum Broking.