ICICI Bank shares gain 4% to Rs 316; market capitalisation rises by Rs 8,051 cr as MD & CEO Chanda Kochhar quits

Shares of ICICI Bank rose by 4 percent on Thursday, adding Rs 8,051 crore to its market valuation, after its Managing Director and CEO Chanda Kochhar quit the bank.

Press Trust of India October 04, 2018 17:11:56 IST
ICICI Bank shares gain 4% to Rs 316; market capitalisation rises by Rs 8,051 cr as MD & CEO Chanda Kochhar quits

New Delhi: Shares of ICICI Bank rose by 4 percent on Thursday, adding Rs 8,051 crore to its market valuation, after its Managing Director and CEO Chanda Kochhar quit the bank.

The stock jumped 4.07 percent to end at Rs 315.95 on the BSE. During the day, it jumped 5.69 percent to Rs 320.90.

On NSE, shares of the company climbed 4 percent to close at Rs 316.

ICICI Bank shares gain 4 to Rs 316 market capitalisation rises by Rs 8051 cr as MD  CEO Chanda Kochhar quits

A file photo of Chanda Kochhar. Reuters

The stock was the biggest gainer among the blue chips on both key indices during the day.

The company's market valuation surged Rs 8,051 crore to Rs 2,03,318 crore on the BSE.

In terms of equity volume, 36.63 lakh shares of the company were traded on BSE and over 5 crore shares changed hands on NSE during the day.

Facing enquiry over charges of nepotism and conflict of interest, ICICI Bank Managing Director and CEO Chanda Kochhar Thursday quit the bank.

Kochhar, 57, has also resigned from all the subsidiaries of bank including ICICI Securities where she had sought reappointment as chairperson.

The board elevated Chief Operating Officer (COO) Sandeep Bakhshi as the new managing director and CEO for five years until 3 October, 2023, ICICI Bank said in a statement.

Kochhar's current five-year tenure as CEO was to end on 31 March, 2019.

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