ICICI Bank down in the red

The news in today’s papers were that CBI questioned ICICI Bank’s Executive Director, N S Kannan w.r.t PNB as it is the lead banker to the Gitanjali group.

Following this news, the stock price fell 2.7% to Rs.311.20 and continues to remain in the red.

The Bank has clarified that it has no exposure to Nirav Modi group of company. It has only provided working capital loans with a consortium to Gitanjali group.

The Bank has very categorically stated, “We have not issued any Letter of Undertaking (LOU) nor do we have any buyer’s credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies.”