ICICI Bank extends fall for the second day; shares dip nearly 5%

ICICI Bank extends fall; shares dip nearly 5%

Continuing to fall for a second straight session after reporting its quarterly numbers, shares of ICICI Bank fell nearly 5 per cent on Monday, as the company posted its worst numbers in over a decade with net profit plunging 87 per cent in March quarter.

Shares of the company plunged 4.73 per cent to Rs 225.40 on BSE and settled the day 4.08 per cent lower.

At NSE, it dropped 4.87 per cent to Rs 225.40.

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

The stock had fallen 1.5 per cent in Friday’s trade.

ICICI Bank on Friday reported its worst numbers in over a decade with consolidated net profit plunging 87 per cent in the March quarter at 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 per cent to Rs 701.89 crore from Rs 2,922 crore a year ago.