The stock fell more than 2 percent after the magazene's pan-India undercover investigation accused the lender along with two other banks, namely HDFC Bank and Axis Bank, of running a vast, nation-wide money laundering racket .
Meanwhile, the bank came out with clarification saying constituted a high level inquiry committee to investigate into the matter and submit its findings in 2 weeks.
"We are deeply concerned with the media reports. We want to assure our customers and all our other stakeholders that we are committed towards adherence to the high standards of business conduct, which is expected of us," the bank said in a release.
At 13:00 hours IST, the share rose 2.45 percent to Rs 1,112.40 amid heavy volumes on Bombay Stock Exchange.
Today's bounce back may also be attributed to short covering as in the previous trading session, the share plunged 3.25 percent to Rs 1,085.85.
Axis Bank and HDFC Bank too sent their clarification note; shares moved up 0.8 percent and 2.2 percent, respectively.
Also Read
Axis Bank: Systems robust; to probe money laundering claims
Money laundering sting: HDFC Bank says will probe matter
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Cobrapost expose: ICICI Bank up 2.5% after clarification on money laundering
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