The board of ICICI Bank threw its weight behind chief executive Chanda Kochhar, squelching speculation about nepotism and corruption over loans to the Dhoot family-promoted Videocon group of companies.
The lender’s stock price has dropped 6 per cent in the past 10 days or so.
“The board has full confidence and reposes full faith in the bank’s MD & CEO Chanda Kochhar,” it said in a release.
“On looking at all the above facts, the board has come to the conclusion that there is no question of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours.”
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