MUMBAI: 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% 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. “Similar rumours had first surfaced in mid-2016 and had been appropriately responded to. It is important to note that Chanda Kochhar was not the chairperson of this committee,” the bank said.The board said it had full faith in the lender’s top management.“The board also commends the entire management team under the leadership of the MD & CEO for their hard work and dedication. We would urge you not to be misled by these rumours which are being spread to malign the bank and its top management.”

Source: Economic Times March 28, 2018 13:23 UTC