3 top private banks to remain in focus

Shares of ICICI Bank, HDFC Bank and Axis Bank are likely to witness selling pressure this week, following accusation that these banks indulged in money laundering activities. According to reports, ICICI Bank has already suspended 18 employees. The ICICI Bank internal probe is expected to be completed in two weeks. Meanwhile, HDFC Bank has appointed Deloitte Touche Tohmatsu India Pvt Ltd — the accounting and audit firm — to carry out an independent forensic enquiry. Sunday reports indicate that HDFC Bank also took action against 20 employees, who have been allegedly involved in the scam. Axis Bank, which is expected to issue a statement shortly on the action taken, also suspended over 10 employees, said media reports. Separately, the Finance Ministry and Reserve Bank of India are also investigating these allegations. Any adverse finding will not only impact these banks, but impact the broader market too.