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ICICI Bank top index loser today, dips 6% on report of CBI probe in Videocon loan case

Rakesh Patil
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Buy ICICI Bank, target Rs 324: Achin Goel

"Traders can accumulate the stock in the range of Rs 282-285 for the target of Rs 324 and a stop loss below Rs 269," says Achin Goel, Head of Wealth Management and Financial Planning at Bonanza Portfolio Ltd.

Moneycontrol News

Shares of ICICI Bank topped the list of losers on the Sensex and Nifty on Monday. The shares ended 6 percent down on Sensex on a News18 report that the Central Bureau of Investigation (CBI) may examine the bank's CEO Chanda Kochhar in the Videocon loan case.

The CBI has questioned few ICICI Bank officials as part of its preliminary inquiry to find if any quid pro quo was involved in the bank issuing the loan to the Venugopal Dhoot company.

The CBI may now examine CEO Chanda Kochhar over the Rs 3,250-crore loan sanctioned to the Videocon Group in 2012, a large portion of which has now become NPA.

According to sources, after studying the confiscated documents, CBI believes approval for the loan came from the top and many rules were flouted.

CBI, however, maintains it’s not an interrogation. Kochhar will only be examined to understand the loan procedure along with a probe on the benefits her husband may have allegedly drawn out of the transaction.

It is alleged that the loan given to Videocon Group, was in turn pumped into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

Meanwhile, ICICI Chairman MK Sharma on Thursday said Chanda Kochhar was part of the committee that approved loans to the Videocon group.

(With inputs from News18)