ICICI Bank shares dip 3% after senior officials summoned by SFIO

Shares of ICICI Bank on Wednesday slumped over 3% in early morning trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam.

It is the sixth straight session of fall for the stock, which has slumped 12.75% since February 26.

Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO on Tuesday, with regard to a probe into the ₹12,636-crore PNB swindle.

| Read: PNB fraud: Chanda Kochhar, Shikha Sharma summoned to explain loans given to Gitanjali Gems

Shares of ICICI Bank opened on a weak note on Wednesday, and lost further ground to touch an intra-day low of ₹285.30, down 3.32% over the previous close.

Meanwhile, shares of Axis Bank, which has ₹200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi, also fell 1.20% to hit an intra-day low of ₹510.55 on BSE.

SFIO has sought information on the accounts of Nirav Modi and Gitanjali groups of companies.

“ICICI Bank has no exposure to the Nirav Modi group of companies, nor has it issued any LoU; nor has any buyer’s credit exposure against LoUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies,” the ICICI Bank response said.