ICICI Bank – Negative News and Price Action

Some time back in Mid of July 2018 ICICI Bank is one of the worst performing stocks in Bank Nifty and all in a sudden it became top-performing stocks. Too much of negative news flow was there in that counter despite that stock managed to close positive and moved from 260 to 330 levels in a very short duration.

5th July 2018: The Securities and Exchange Board of India (Sebi) has set a fresh deadline for ICICI Bank and its managing director and chief executive officer, Chanda Kochhar, to reply to a show-cause notice over alleged violation of listing disclosure norms. The private sector lender and Kochhar did not respond to the notice by the June 7 deadline, citing lack of documentary proof to support the allegations. [Link]

16th July 2018 : ICICI Bank has postponed its annual general meeting (AGM) by a month to September 12, amidst allegations of wrongdoing against its managing director and chief executive Chanda Kochhar. The AGM was to be held on August 10 earlier. [Link]

19th July 2018 : ICICI BankNSE 4.49 % Chief Executive Officer Chanda Kochhar will proceed on leave to facilitate an independent investigation into charges of favouritism and impropriety while the group’s life insurance head Sandeep Bakhshi will run the lender as its Chief Operating Officer. [Link]

22nd July 2018 : ICICI Bank said it had received complaints about 31 loan accounts from a whistleblower on which an enquiry was made and interim report was submitted to the regulator [Link]

27th July 2018 : ICICI Bank reported its first-ever loss amounting to Rs 1.2 billion for the June 2018 quarter (Q1) on Friday as provisions for bad loans doubled. The bank had made a net profit of Rs 20.49 billion in the same period last year. [Link]

If you are true contrarian would you be a buyer in this stock?

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