Inquiry Against Chanda Kochhar To Continue; Sandeep Bakshi Appointed As New CEO & MD Of ICICI Bank
Mumbai: ICICI Bank's Chanda Kochhar, who is facing allegations of conflict of interest over a loan to Videocon Group that had in turn lent to a company part-owned by her husband, has quit as the bank's Chief Executive Officer and Managing Director. The inquiry against her will continue.
The bank has appointed its Chief Operating Officer Sandeep Bakhshi as the new CEO and MD with immediate effect, ICICI Bank said in an exchange filing.
In reaction, the shares of ICICI Bank rose, settling over 4% higher at Rs. 315.95 apiece in Mumbai trading. In contrast, the benchmark BSE Sensex plunged 806 points, or 2.24 per cent, to settle at 35,169.16 amid worsening investor sentiment.
"The Board of Directors of ICICI Bank Limited accepted the request of Chanda Kochhar to seek early retirement from the Bank at the earliest. The Board accepted this request with immediate effect.
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