ICICI Bank denies CEO and MD Sandeep Bakhshi wanting to quit, calls report 'baseless'

ICICI Bank shares flat

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26 Aug, 2025 12:21

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Shares of ICICI Bank were flat on May 2 after the bank categorically denied reports of CEO and MD Sandeep Bakhshi wanting to quit his position.

ICICI Bank termed The Morning Context report as 'baseless', and a 'figment of imagination', which said that Sandeep Bakhshi wanted to be relieved as MD and CEO due to personal emergency. However, RBI was against his departure, the report said.

"We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons," ICICI Bank said in a filing.

"This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders," the filing said.

At 09.24 am, shares of ICICI Bank were flat at Rs 1,150.

Last week, ICICI Bank emerged as the fifth Indian company and the second bank to surpass Rs 8-lakh-crore market capitalisation for the first time after its shares rallied over 4 percent on strong earnings.

ICICI Bank reported a net profit of Rs 10,708 crore in Q4 FY24, up 20 percent from Q4 FY23, driven by robust advances and reduced credit costs, despite margin pressure. ICICI Bank achieved a ROA of 2.4 percent in FY24, reflecting strong performance across the board.

The net interest income (NII) rose 8 percent to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore.