ICICI bank stock in focus as bank calls report of MD & CEO Sandeep Bakhshi wanting to quit ''baseless''

ICICI Bank has responded to a report about MD & CEO Sandeep Bakhshi wanting to quit. In an exchange filing, the bank called the report, "baseless" and a 'figment of imagination'.

"We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons," ICICI Bank said in a filing.

"This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders," the filing said.

The report in question said that Sandeep Bakhshi wanted to be relieved as MD and CEO due to personal emergency. However, RBI was against his departure, it added.

Stock Performance

At 11 am on Thursday, the stock was trading at Rs 1,146. ICICI bank emerged as the fifth Indian company and the second bank to surpass Rs 8-lakh-crore market capitalisation for the first time last week. Its stock rallied over 4% on strong earnings.

Driven by robust advances and reduced credit costs, ICICI bank reported a net profit of Rs 10,708 crore in Q4 FY24, up 20% from Q4 FY23. Its Return on Assets (ROA) was at 2.4% in FY24, reflecting strong performance across the board. The net interest income (NII) rose 8% to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore

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