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ICICI, Axis bank recover after Cobra sting

India Infoline News Service/ Mumbai 17:53 , Mar 14, 2013

The banks along with HDFC Bank were alleged to be flouting several provisions of the Income Tax Act, FEMA, RBI regulations, basic KYC norms, the Banking Act and Prevention of Money laundering Act (PMLA).

ICICI Bank and Axis Bank stocks are trading up 2.7% and 0.8% respectively after falling in the early part of day after cobrapost.com alleged the banks to be involved in countrywide money laundering. The banks along with HDFC Bank were alleged to be flouting several provisions of the Income Tax Act, FEMA, RBI regulations, basic KYC norms, the Banking Act and Prevention of Money laundering Act (PMLA).

ICICI Bank stock is up 2.3% currently trading at Rs.1112. The stock touched a high of Rs.1114.45 and a low of Rs.1060.10. Total traded quantity at the counter stood at 5.34lakh on BSE.

Axis Bank stock is up 0.8% currently trading at Rs.1358.60. The stock touched a high of Rs.1366 and a low of Rs.1300. Total traded quantity at the counter stood at 4.39lakh on BSE

 



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