ICICI Bank shares tumble, RBI slaps penalty

Shares fell over 6% in morning trade and was the top loser in Sensex Shares of ICICI Bank Limited fell over 6% in morning trade on Monday and was the top loser in Sensex. The bank has been in the spotlight over a slew of bad news last week. First, there was the allegation about the bank sanctioning Rs 3,2500000000 of loans to Videocon Group because its chairman Venugopal Dhoot supposedly had dealings with NuPower Renewables Limited founded by ICICI Bank’s MD and CEO Chanda Kochhar’s husband Deepak Kochhar. The bank has denied the allegations and its board has defended its CEO. The CBI, SEBI and RBI are looking into the issue. The RBI has imposed a penalty on ICICI Bank for violating regulations around selling securities from the held-to-maturity portfolio of the bank’s treasury book. Shares of ICICI Bank were trading down Rs. 16.95 at Rs. 261.45 on BSE.