Rakesh defended himself stating that he only released the accounts based on a letter issued by the cyber crime wing of Kolkata police.
KSBL defrauds bank of Rs 563 cr; Police seek Parthasarathy’s custody; Case transferred to Economic Offences Wing of Cyberabad
ICICI Bank's June quarter net profit zoomed 52 per cent to Rs 4,747.42 crore, driven majorly by lower provisions but reported an increase in stress from the retail loans segment.
The total income for the bank, however, came at Rs 24,379 crore, lower when compared with the Rs 26,067 crore in the year-ago period.
The company's revenue rose 37 per cent to Rs 748 crore in the quarter under review from Rs 546 crore in the three months ended June 30, 2020.
While Tata Steel, NTPC, Bharti Airtel, HCL Tech, ICICI Bank, M&M and HDFC Bank followed IndusInd in losses, Asian Paints, UltraTech Cement, Bajaj Auto, HUL and Nestle India were among the gainers.
They said the searches were being conducted at multiple premises. Further details about the latest action were not available immediately.
The matter pertains to a show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N Srikrishna.
Its newly launched 'ICICI STACK will provide digital banking solutions to corporates, their channel partners, employees and other stakeholders.
The bank said the allotment date is June 15, 2021 and the redemption date of the bonds is June 15, 2028.
The second largest lender warned that if banking services were to fail, it can have an adverse impact on the economic activity.
The stock jumped 6.11 per cent to Rs 604.90 on BSE. On NSE, shares of the company gained 6.23 per cent to Rs 605.50.
As the controversy grabbed headlines, the board had in early June asked Kochhar to proceed on leave till an external enquiry panel headed by retired Supreme Court judge BN Srikrishna was complete.
ICICI Bank may face a penalty of up to Rs 25 crore under the relevant SEBI regulations for such lapses, while the fine for Kochhar may go up to Rs 1 crore.
Last month, SEBI initiated adjudication proceedings against the bank and its MD & CEO Chanda Kochhar in the controversial case of loans given to Videocon Group.