May 31, 2018 / 4:15 AM / a year ago

BUZZ-India's ICICI Bank falls; lender to probe allegations against CEO

** Shares of ICICI Bank Ltd, the country’s third-biggest lender by assets, fall as much as 1.7 pct to 280.1 rupees, their lowest in about 4 weeks

** Bank said on Wednesday it would institute an inquiry into allegations raised by an anonymous whistleblower against CEO Chanda Kochhar

** Bank is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices

** “Conclusive outcome either from the proposed independent inquiry by the board or by the CBI will help in alleviating a key uncertainty for the stock,” Citi analysts write in a note, with rating “buy” and PT of 390 rupees

** Over 2.1 mln shares change hands as of 0404 GMT, compared with 30-day moving avg of 18.2 mln shares

** Forty-two brokerages of the 45 covering the stock rate it “buy” or higher, two “hold” and one “sell” or lower; median PT 378 rupees - Thomson Reuters Eikon data

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