ICICI, Axis, HDFC Bank shares fall on Cobrapost allegations
All three banks—ICICI, Axis and HDFC Bank—claimed they conduct their business in compliance with legal and regulatory requirements of the highest standards, but said they will investigate the charges. Photo: Ramesh Pathania/Mint
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Updated: Fri, Mar 15 2013. 04 21 PM IST
Mumbai: Shares of ICICI Bank Ltd, Axis Bank Ltd and HDFC Bank Ltd tumbled as much as 4.5% on Friday following accusations that the lenders have indulged in money laundering.
ICICI Bank slumped 4.5% to Rs.1,060.70 per share, while Axis Bank was down 1.97% to Rs.1,327.5 on BSE. Shares of HDFC Bank fell 2% to Rs.636.
The BSE bankex index fell 230.48 points, or 1.67, to close at 13565.99.
The country’s three largest private banks were on
Thursday accused of indulging in money laundering by online portal
Cobrapost.com claiming that a sting operation conducted by it has
revealed a scam.
The portal Cobrapost played the contents of purported
video recording of officials of HDFC Bank, ICICI Bank and Axis Bank
allegedly agreeing to receive unverified sums of cash and putting them
in their investment schemes and benami accounts in violation of
anti-money laundering laws.
However, all the three banks had claimed they conduct
their business in compliance with legal and regulatory requirements of
the highest standards but said they will investigate the charges.
In the broader market, the BSE benchmark Sensex lost 142.88 points, or 0.73%, to close at 19,427.56 on Friday
BY SHIV KUMAR
PGDM 2nd sem
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