The ICICI Bank stock rose in trade today amid a report that its life insurance venture's CEO Sandeep Bakhshi may be appointed as interim chief at the private sector lender. Currently, Chanda Kochhar is the CEO and MD of the bank. Bakhshi has been the CEO of ICICI Prudential Life since August 2010.
At 12:12 pm, the stock was trading 3.67% or 10 points higher at 292 level on BSE.
The stock which opened at 284.95 hit an intra day high of 293 level and low of 283.50 level. The stock is the top Sensex gainer today. Its market capitalisation rose to Rs 1,88,157 crore.
The stock has gained after two days of consecutive fall. The stock has risen just 1.80% during the last one year and has fallen 6.72% since the beginning of this year.
The ICICI Bank CEO is currently facing probe from the CBI and Income Tax for alleged impropriety in restructuring loan to Videocon.
Chanda Kochhar came under scanner after whistleblower Arvind Gupta in a letter to the Prime Minister alleged that the ICICI Bank declared Rs 2,810 crore outstanding loan to Videocon Group as NPA months after Deepak Kochhar amassed huge wealth through some shady transactions with Videocon Chairman Venugopal Dhoot.
The loan was issued in 2012 when Chanda Kochhar was heading the bank. The loan was linked to a possible quid pro quo between Venugopal Dhoot and Deepak Kochhar, and Chanda Kochhar was accused of favouritism and conflict of interest.
ICICI Bank recently roped in former Supreme Court Judge B N Srikrishna to probe the allegations of quid pro quo and conflict of interest levelled against Chanda Kochhar by whistleblower Arvind Gupta.