Today there was a press conference by Cobrapost where they alleged that HDFC Bank,ICICI Bank and Axis Bank indulged in money laundering.
The markets saw this breaking news conference and yawned.At the time of writing this,
Axis Bank (-0.82%)
HDFC Bank (-0.33%)
ICICI Bank (-0.47%)
These declines are par for the course when Nifty is down by 0.18% and Bank Nifty is down by 0.13%
Does this mean that the markets already knew this “news” or does it mean that markets know that these banks will not face any material fines/penalties?
This is India !