ICICI Bank shares surge nearly 5% despite posting first quarterly loss, market cap soars Rs 8,990 cr

New Delhi: Shares of ICICI Bank surged nearly 5 percent on Monday, adding Rs 8,990.57 crore to its market valuation, even as the company posted its maiden quarterly loss in more than a decade for the June quarter. The bank’s stock jumped 4.76 percent to settle at Rs 307.25 on the BSE. Intra-day, it gained 5.13 percent to Rs 308.35. On the NSE, shares of the company soared 4.87 percent to end at Rs 307.50. [caption id=“attachment_4018531” align=“alignleft” width=“380”] A file photograph of an ICICI Bank branch. Reuters.[/caption] The company’s market valuation surged Rs 8,990.57 crore to Rs 1,97,632.57 crore. In terms of the equity volume, 29.31 lakh shares of the company were traded on the BSE and over 5 crore shares changed hands on the NSE during the day. Posting its maiden quarterly loss in more than a decade, ICICI Bank on Friday reported a net loss of Rs 119.5 crore for the three months to June due to higher provisioning for bad loans. However, on a consolidated basis, ICICI Group posted a meagre profit of Rs 4.93 crore, compared to Rs 2,604.73 crore a year ago. Total income on consolidated basis rose to Rs 29,174.12 crore for the quarter under review, as against Rs 26,517.57 crore in the same period of the previous fiscal, ICICI Bank said in a statement.