CBI searches 4 locations under Videocon, Nupower loan sanction case: Reports

Shares of ICICI Bank dropped 1% on bourses after the news came out.

Jan 24, 2019 07:01 IST India Infoline News Service

Shares of ICICI Bank dropped 1% in noon trade on Thursday after a PTI report said that the CBI has conducted searches at four locations, including the offices of Videocon and Nupower. The companies are operated by former ICICI Bank CEO Chanda Kochhar’s husband Deepak in Mumbai.

As per the report, the Central Bureau of Investigation (CBI) has also registered a first information report (FIR) in the case after conducting a preliminary inquiry.

The bank landed in controversy after allegations were made that Chanda Kochhar, former ICICI Bank chief executive, had favored Videocon and strayed from following the bank’s lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband, Deepak.

ICICI Bank Ltd's share price is currently at Rs363.75, down Rs3.9, or 1.06%, from its previous close of Rs367.65 on the BSE.

The scrip opened at Rs365 and has touched a high and low of Rs368.45 and Rs361.70, respectively. So far, 79,24,127 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,36,815.28cr.

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