Axis, HDFC and ICICI Bank stocks fall after RBI fine

The RBI, conducting inquiries against 36 other banks following an expose made by Cobrapost , has imposed penalties of Rs. 5 crore has been imposed on Axis Bank, Rs. 4.5 crore on HDFC Bank, and Rs. 1 crore on ICICI Bank

The shares of Axis Bank, HDFC Bank and ICICI Bank fell on Tuesday after the RBI imposed fines totalling Rs. 10.5 crore on the three private lenders for violating the “Know Your Customer” and anti-money laundering norms.

ICICI Bank shares tanked 3.75 per cent to close the day at Rs 1,076.40, while HDFC Bank was down 1.73 per cent to Rs. 665.55 on the BSE.

Shares of Axis Bank fell by 2.65 per cent to Rs. 1,320.40.

The RBI had on Monday said it was conducting inquiries against 36 other banks following an expose made by Cobrapost, an online portal.

A penalty of Rs. 5 crore has been imposed on Axis Bank, Rs. 4.5 crore on HDFC Bank and Rs, 1 crore on ICICI Bank after inquiring into charges levelled by Cobrapost.

The penalty follows the scrutiny of the account books, internal control, compliance systems and processes of these three banks carried out by the RBI at their corporate offices and some branches during March-April 2013.

Meanwhile, the BSE benchmark Sensex ended the day at 19,143, down by 298.07 points.