IT department notices Deepak Kochhar's NuPower Renewables

Sensex today ICICI Bank dips 6% index at day's high up 250 points auto stocks in focus

Earlier this week, the ICICI Bank board came out in support of Chanda Kochhar, saying it has full faith and confidence in her and described reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours". The bank clarified that the meeting was pre-scheduled and that the board had been meeting regularly in the first week of April in the previous years too, to review the progress the in resolution of large accounts. "Chanda Kochhar, MD & CEO of ICICI Bank will be the guest of honour", a statement issued by FLO had said on March 31. The investigating agency has already questioned many ICICI Bank officials.

Listen in to this podcast to know the latest in the ICICI Bank-Videocon loan case.

The authorities, meanwhile, have intensified their investigation into the matter even as Videocon chairman Venugopal Dhoot and Avista Advisory founder Rajiv Kochhar have denied any wrongdoing.

The CBI had questioned a few ICICI Bank officials as part of a preliminary inquiry to find if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to Videocon Group in 2012.

NuPower Renewables is an independent power producer in the renewable energy sector and has almost 700 MW of renewable energy assets operating and in pipeline located across Tamilnadu, Karnataka, Rajasthan, Maharashtra, Andhra Pradesh & Madhya Pradesh.

Gupta, who identifies himself as an informed and vigilant investor owning shares both in ICICI Bank and Videocon Industries, alleged that NuPower Renewables was a 50:50 joint venture of Deepak Virendra Kochhar and Dhoots when founded in 2008.

According to the Indian Express investigation, the total transaction value of the complete transfer of shares from Punglia to Kochhar's Pinnacle Energy trust was Rs 9 lakh. In the plea, ICICI said the company failed to repay a loan of Rs 3.13 billion to the bank after the 500-Mw hydropower project, which was supposed to be commissioned in 2012, remained unfinished. The stock tumbled 5.93 per cent to end at Rs 261.90 on the BSE.

The bank will redeem 350, comprising of 0.001 per cent unlisted redeemable non-cumulative, preference shares of Rs 1 crore each allotted on April 21, 1998 with a tenure of 20 years are due for redemption on April 20, 2018. Zacks Investment Research upgraded shares of ICICI Bank from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Monday, January 8th.

ICICI Bank shares were among the biggest losers on the indices. The hedge fund run by Howard Marks held 8.80 million shares of the commercial banks company at the end of 2017Q4, valued at $85.67M, up from 7.67M at the end of the previous reported quarter.

Among 7 analysts covering ICICI Bank (NYSE:IBN), 5 have Buy rating, 0 Sell and 2 Hold.

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