RBI gives nod to Sandeep Bakhshi’s reappointment as ICICI Bank MD & CEO; stock jumps 1%

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September 12, 2023
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ICICI Bank stock has given a return of 18.54 percent over the last six months. Nifty Bank index has given a return of 15.18 percent over the same duration

Shares of ICICI Bank jumped more than 1 percent in early trade on September 12, post the confirmation of reappointment of their CEO. At 9:19 am the ICICI Bank stock was trading 1.26 percent higher at Rs 990.25 on NSE.

Details about the reappointment

In a significant development for the banking industry, the Reserve Bank of India (RBI) granted its approval for the reappointment of Sandeep Bakhshi as the Managing Director & CEO of ICICI Bank. This reappointment is set to take effect from October 4, 2023, and will be in force until October 3, 2026, the bank informed through an exchange filing dated September 11.

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The green light from the RBI follows the affirmative vote by shareholders during the Annual General Meeting convened on August 30, 2023. At the meeting, shareholders collectively endorsed Bakhshi’s return to the helm of ICICI Bank for the stated period.

Also Read: RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD & CEO

Brokerage Views

Brokerage firm Motilal Oswal has given a target price of Rs 1,150 per share for the ICICI Bank stock in a research report released on September 11. This signifies a potential upside of nearly 18 percent from the current market price. The report further stated that, “ICICI Banks annual report highlights the progress the bank is making towards sustainable growth. This is evident from its strong contingency buffers and robust underwriting and risk-monitoring mechanisms, all of which contribute to safeguarding the company’s balance sheet.”

Stock Performance

ICICI Bank stock has given a return of 18.54 percent over the last six months. Nifty Bank index has given a return of 15.18 percent over the same duration.

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