"The ICICI Bank board has offered full support to the leadership team. However, if allegations against the management prove to be true, they could hit the bank's reputation and expose it to legal and financial risk," S&P said. S&P had on December 21, 2017, revised down the assessment of Axis Bank's standalone creditworthiness to reflect higher risks associated with asset quality and under-reporting of non-performing loans. "While the effect of our assessment is the same as ICICI Bank, we assess Axis Bank's risk management as weaker than that of private sector peer HDFC Bank," it said. Axis Bank's gross non-performing asset ratio of 6 per cent is similar to ICICI Bank's 8 per cent but significantly higher than HDFC Bank's 1 per cent.