ICICI shares dip amidst Videocon loan row

ICICI shares dip amidst Videocon loan row
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New Delhi: On the first trading day of the new financial year 2018-19, stock prices of leading private lender ICICI Bank on Monday dropped approximately seven percent after the Central Bureau of Investigation (CBI) launched a preliminary enquiry in a matter relating to a the loan given to Videocon Group.

The Reserve Bank of India (RBI) slapped a fine of Rs. 58.9 crore on ICICI Bank, for failing to abide by rules on the sale of bonds in the held-to-maturity (HTM) category, earlier on Thursday.

The stocks plunged to a five-month low of Rs 258.8 on National Stock Exchange (NSE).

Meanwhile, the Sensex and the Nifty opened on a firm note, with the Sensex reclaiming the 33,000-mark by rising over 100 points amid positive global cues.

Gains were predominantly led by auto, infrastructure, oil and gas, and capital goods.

Cipla, Kotak Mahindra, Aurobindo Pharma Ltd., Lupin Ltd., and Bosch Ltd. were up about three to four percent.

Meanwhile, Axis Bank, Coal India, Hindalco, and State Bank of India (SBI) lost one to two percent.

The Indian rupee, on the other hand, traded on a negative note. (ANI)