Industry

Axis Bank dives 2% after Sebi order to probe data leak

Axis Bank slumped to a low of ₹544.35, down 1.83% from its previous close on the BSE.

Axis Bank slumped to a low of ₹544.35, down 1.83% from its previous close on the BSE.   | Photo Credit: Reuters

In its first order in the WhatsApp leak case, regulator Sebi last night ordered Axis Bank to strengthen its systems and conduct an internal probe to fix responsibility.

Shares of Axis Bank fell nearly 2% on Thursday after market regulator Sebi ordered the lender to conduct a probe into the alleged data leak.

In its first order in the WhatsApp leak case, regulator Sebi last night ordered Axis Bank to strengthen its systems and conduct an internal probe to fix responsibility as the initial investigation showed that the leakage was due to “inadequacy” of processes at the bank.

The stock slumped to a low of ₹544.35, down 1.83% from its previous close on the BSE. On the NSE, it opened at ₹546.15, lost ground and hit ₹544, down 1.91%.

Axis Bank had said on Wednesday night that it would work with Sebi on the issue of ‘leakage’ of unpublished price sensitive information and take appropriate action.

Axis Bank has to complete the inquiry within three months and file a report to Sebi within seven days thereafter, the regulator said, after it found that the company’s results for the June quarter were “either identical or matched closely with the figures” in circulation on WhatsApp prior to an official announcement.

“The bank will work with Sebi and the best experts in the field to investigate the matter and will take action as appropriate,” Axis Bank Executive Director Rajesh Dahiya said on Wednesday.

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Printable version | Jun 3, 2020 1:12:40 PM | https://www.thehindu.com/business/Industry/axis-bank-dives-2-after-sebi-order-to-probe-data-leak/article22293283.ece

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