GST raids shake ICICI Bank’s compliance landscape
The shares of ICICI Bank Limited were trading at ₹1,314.80 down by ₹1.25 or 0.09 per cent on the NSE today at 10.25 am.
ICICI Bank confirmed on December 4, 2024, that Maharashtra State GST authorities initiated search operations at three of its offices, marking a significant regulatory intervention in the banking sector.
According to the official statement, the searches were conducted under Section 67(1) and (2) of the Maharashtra Goods and Services Tax (MGST) Act, 2017. The bank has emphasised its full cooperation with the authorities, stating it is providing requested documentation as part of the ongoing proceedings.
The bank did not disclose specific details about potential violations or the potential financial impact of the GST department’s actions. The investigation remains ongoing, and market observers are closely monitoring the situation for further developments.
ICICI Bank, headquartered in Mumbai, is one of India’s largest private sector banks, and such regulatory scrutiny could potentially influence investor sentiment in the near term.
