ICICI Bank's stock closed at Rs 259 on BSE, down by 3.26 per cent from previous close
A first among private peers; now aims for Rs 2 trillion home loan book by FY20
It has also enabled an online repository of 30,000 approved projects across 40 cities
Chaturvedi's appointment for three years is effective from Sunday or 'the date of receipt of RBI approval for such appointment, whichever is later,' ICICI Bank said
The bank will now send Chaturvedi's name to the Reserve Bank of India for clearance
The appointment of the new chairman comes at a time when ICICI Bank is battling one of its worst management crises
The stock dipped nearly 4% to Rs 268 in intra-day trade, extending its 7% decline in past three trading sessions on the BSE.
The bank said that based on its investigations before the closure of accounts for the fiscal 2017-18, the claims have not been proven
The man ICICI is banking on to fix its crisis is the least controversial choice for the job
The bank has government nominee Lok Ranjan on the board, who has not attended a single meeting since his appointment in April
According to an insider, the investigation will take at least four to six months to complete as many transactions took place in tax havens abroad
Most analysts remain bullish on the stock from a year's perspective, they see limited gains at the counter over the short to medium term
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
The ideal outcome for investors would no doubt have been for Bakhshi to be named CEO. But then, the board has to think about its own interests
ICICI Bank was trading 0.38% lower at Rs 291, ICICI Pru Life too down 0.16% at Rs 396 as compared to 0.32% decline in the S&P BSE Sensex.
N S Kannan named MD and CEO of ICICI Prudential Life Insurance
ICICI Bank was trading 3.8% higher at Rs 293 on the BSE, as compared to 0.09% decline in the S&P BSE Sensex at 12:45 pm.
ICICI Bank has filed the case against Punj Lloyd to recover dues of Rs 8.52 billion
There are a lot of similarities between the Infosys story and how the ICICI bank story is unfolding
The statement issued by the bank was a model of opacity, offering no details on the scope of the enquiry, how it was conducted, who carried it out, and the basis for the conclusion