ICICI Bank shed 0.25% to Rs 316.65 at 10:45 IST on BSE after the bank announced a reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015.
The announcement was made after market hours yesterday, 7 April 2015.
Meanwhile, the BSE Sensex was up 97.38 points, or 0.34% to 28,613.97
On BSE, so far 1.66 lakh shares were traded in the counter, compared with an average volume of 9.76 lakh shares in the past one quarter.
The stock hit a high of Rs 319.75 and a low of Rs 315.75 so far during the day. The stock hit a record high of Rs 393.30 on 28 January 2015. The stock hit a 52-week low of Rs 238.40 on 7 April 2014.
The stock had underperformed the market over the past one month till 7 April 2015, falling 8.71% compared with 3.17% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 6.27% as against Sensex's 5.97% rise.
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The large-cap private sector bank has an equity capital of Rs 1159.45 crore. Face value per share is Rs 2.
With effect from 1 July 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to ICICI Bank Base Rate (I-Base). The fixed rate customers will not be impacted by the above revision and their contracted rates will remain unchanged, ICICI Bank said. The bank also announced a reduction in interest rates for some tenors of retail fixed deposits with effect from 10 April 2015.
ICICI Bank's net profit rose 14.1% to Rs 2889.04 crore on 8.9% rise in total income to Rs 15526.88 crore in Q3 December 2014 over Q3 December 2013.
ICICI Bank is a leading private sector bank in India. As at 31 December 2014, the bank had 3,850 branches and 12,091 ATMs.
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