ICICI Bank shares extend losses, fall nearly 3% on exposure to Singapore oil trading firm
Shares of ICICI Bank extended losses on Wednesday and fell nearly 3 percent in early trade amid concerns over its exposure to a Singapore-based oil trading company
New Delhi: Shares of ICICI Bank extended losses on Wednesday and fell nearly 3 percent in early trade amid concerns over its exposure to a Singapore-based oil trading company.
In a news clarification on Tuesday about its exposure of $100 million to Singapore-based Hin Leong Trading Pte, it said, "We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question".
The scrip declined 2.57 percent to Rs 323 at the BSE.
On the National Stock Exchange, it fell 2.65 percent to Rs 323.05.
The shares of the company had plunged 8.38 percent on Tuesday to Rs 331.55 on the BSE.
ICICI Bank on Tuesday said it is taking steps to protect its interest regarding its exposure to a Singapore-based oil trading company.
Crude oil prices have plunged to their historic lows in the wake of coronavirus pandemic as demand has been severely hit due to lockdowns all across the globe.
In a regulatory filing, ICICI Bank said it is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures.
The BSE index was trading 436.79 points or 0.88 percent higher at 50,238.41, and NSE Nifty was up 131.55 points or 0.89 percent at 14,852.85
BSE has sought clarification from ICICI Bank with respect to news about reshuffle of top management.
The market valuation of ICICI Bank is fast inching closer to Rs 3 lakh crore mark helped by a 4 percent jump in its stock price on Thursday