Banking stocks drop on money laundering allegations

Shares in ICICI Bank slumped 4.5 per cent in trade today over allegations involving the bank with money laundering.

The other banks involved notably HDFC Bank and Axis Bank saw a lesser reaction to their stock prices with HDFC Bank down 1.6 per cent, while Axis Bank which recovered in trade in early morning slumped once again and was down 2.2 per cent.

On Thursday, Cobrapost in a sting operation had alleged that the three private banks were involved in money laundering activities.

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