Fund managers on wait-and-watch mode as ICICI Bank stock plunges

作者:Jessica 時間:2018-04-04 19:04:04 標籤: 分類:

Domestic mutual fund managers have been following a wait-and-watch approach on the beleaguered ICICI Bank stock in the aftermath of the controversial loan case between the bank and Videocon Group.

"It is too early to say anything or react. We are on wait-and-watch mode in our portfolio," said a senior fund manager from a private fund house who holds significant investments in ICICI Bank stock.

Concurring with the above fund manager, another chief investment officer from a fund  house said on condition of anonymity, "We have decided not to take any action in that stock as of now. We are awaiting Board's decision and how CBI investigation unveils."

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Also Read: ICICI Bank top index loser today, dips 6% on report of CBI probe in Videocon loan case

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Allegations suggest Chanda Kochhar influenced the decision to give loans worth Rs 3,250 crore to Videocon as Dhoot had business dealings with the banker’s husband Deepak Kochhar’s firm NuPower Renewables.

Also Read: Whistleblower calls for check on lending practices across banks

Going by the data on Ace Equity, among 37 mutual fund houses that held stake in ICICI Bank, Mirae Asset Mutual Fund holds 4.05 per cent stake in the underlined bank as on February-end, 2018. This means of the total asset under management of Rs 15,683 crore, the fund house invested Rs 636 crore in ICICI Bank as on Feb 2018.

Similarly, Quantum Mutual Fund held 3.22 per cent of AUM in the bank. The second largest mutual fund by AUM-HDFC Mutual Fund held 2.80 percent of AUM in ICICI Bank as on Feb-end.

Other mutual fund houses held the bank stock in the range of 0.01-2.55 percent of AUM. Motilal Oswal Mutual Fund had invested the least in ICICI Bank during February, 2018.

ICICI Bank stock plunged over 6 percent on Monday after reports suggested that the CBI will soon call  Dhoot and  Deepak Kochhar for examination in the loan transaction case.


(With data input from Ritesh Presswala)


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