ICICI Bank extends fall; shares down over 4%

Falling for second straight session after reporting quarterly numbers, shares of ICICI Bank lost over 4 percent Monday, as the company posted its worst numbers in over a decade with net profit plunging 87 percent in the March quarter.

PTI| Last Updated: May 02, 2016, 19:17 PM IST

Mumbai: Falling for second straight session after reporting quarterly numbers, shares of ICICI Bank lost over 4 percent Monday, as the company posted its worst numbers in over a decade with net profit plunging 87 percent in the March quarter.

The stock dipped 4.08 percent to settle at Rs 226.95 on BSE. During the day, it tanked 4.73 percent to Rs 225.40.

On NSE, it went down by 4.3 percent to close at Rs 226.75.

Led by the fall in the stock, the company's market valuation fell by Rs 5,602.3 crore to Rs 1,31,974.70 crore.

ICICI Bank was the worst performer among blue-chips on both Sensex and Nifty.

On the volume front, 16.94 lakh shares of the company changed hands at BSE and over 3 crore shares were traded on NSE during the day.

The stock had fallen 1.5 percent in Friday's trade.

ICICI Bank on Friday reported its worst numbers in over a decade with consolidated net profit plunging 87 percent in the March quarter to Rs 406.71 crore due to a spike in provisioning for bad loans.

Higher provisioning is in view of Reserve Bank's asset quality review (AQR) as well as expectations of further bad loan issues at the country's largest private sector lender.

The Chanda Kochhar-led bank had posted a post-tax net of Rs 3,084 crore on a consolidated basis in January-March quarter of last fiscal and Rs 3,122 crore in the preceding quarter, when it started recognising the effects of bad loans following the AQR.

On a standalone basis, the bank's net profit tanked 76 percent to Rs 701.89 crore from Rs 2,922 crore a year ago.

In the broader market, the Sensex fell by 169.65 points at 25,436.97.