ICICI Bank has denied that its managing director and CEO Sandeep Bakhshi wanted to step down because of a personal emergency, rubbishing a claim made by a news portal that spread panic in the stock markets when they opened for trading on Thursday.

The private sector lenders, which recently reported a strong set of numbers in the fourth quarter ended March 31, said the report was completely baseless.

The clarification was sent out at 9:16 am, just after the markets opened, and quickly quelled the excited chatter on the Street, preventing a sharp plunge in the stock. The stock closed 1.05 per cent lower at ₹1,139.90 on the BSE.

“We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is a figment of imagination and, therefore, completely baseless and misleading,” the bank said.

“It appears that this rumour is being spread with an ulterior motive and malicious intent to harm the bank and its stakeholders.’’

Earlier, Morning Context reported Bakhshi indicated that he wanted to be released as its managing director, but the Reserve Bank of India (RBI) was against him stepping down.

Bakhshi has been the managing director and CEO of the bank since October, 2018. He was also the wholetime director and the chief operating officer.

Bakshi has been credited with taking the bank on a strong growth path, particularly after the exit of Chanda Kochhar who quit the bank following allegations of financial misconduct.

During his tenure, the bank has also been successful in bringing down its bad loans.

ICICI Bank recently reported a 17.40 per cent rise in net profits for the quarter ended March 31, 2024.