ICICI Bank rebounds 9% after Chanda Kochhar quits as MD & CEO

Shares of ICICI Bank has moved higher by 6% to Rs 321, bouncing back 9% from its intra-day low on the BSE on Thursday, after the board of directors of private sector lender, accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest. The stock had hit a low of Rs 294.80 on the BSE in early morning trade today.

“The Board accepted this request with immediate effect. The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Ms Kochhar will also relinquish office from the board of directors of the Bank's subsidiaries,” ICICI Bank said in a regulatory filing.

The board decided to appoint Sandeep Bakhshi as managing director & chief executive officer (MD & CEO). His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals, ICICI Bank said.

Separately, due to health reasons MD Mallya, independent director, resigned from the board and the same was accepted, it added.

At 02:04 PM; ICICI Bank was trading 3% higher at Rs 312 on the BSE, as compared to 2.3% decline in the S&P BSE Sensex. A combined 32.66 million equity shares changed hands on the counter on the NSE and BSE so far.