ICICI Bank shares dip 4%; market cap shrinks Rs 7,068 cr post Q1 results

New Delhi: ICICI Bank shares on Friday ended nearly 4 percent lower, wiping out Rs 7,068 crore from its market valuation, after the company's first quarter earnings failed to enthuse investors.

The stock slipped 3.60 percent to end at Rs 296 on BSE. During the day, it lost 4.28 percent to Rs 293.90.

On NSE, shares of the company went down by 3.59 percent to end at Rs 296.15.

Reuters

Reuters

Led by the decline in the stock, the company's market valuation slumped by Rs 7,068 crore to Rs 1,89,837 crore.

In terms of volume, 16.80 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.

The country's largest private sector lender on Thursday reported a marginal rise of 3.5 percent in consolidated net profit at Rs 2,604.73 crore for the first quarter of the current fiscal.

The bank's net profit in the corresponding April-June quarter of 2016-17 stood at Rs 2,515.85 crore.

Total income on consolidated basis rose to Rs 26,517.57 crore for the quarter under review, as against Rs 24,483.75 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans rising to 7.99 percent of the gross advances as on 30 June, 2017, compared to 5.28 percent as on 30 June, 2016.

Net NPAs rose to 4.86 percent of the net loans from 3.01 percent a year earlier.


Published Date: Jul 28, 2017 07:31 pm | Updated Date: Jul 28, 2017 07:31 pm