ICICI Bank shares trim sharp early losses; down 1% at close

Trimming most of its sharp early losses, ICICI Bank shares today ended over 1 per cent lower in an overall strong stock market.
After plunging 7.27 per cent to Rs 216 on BSE during the day, shares of the company later trimmed most of its initial losses and ended at Rs 230.10, down 1.22 per cent.
At NSE, shares of the company settled with a loss of 1.3 per cent at Rs 230.15.
Market experts said value buying at lower levels trimmed the sharp fall in the stock to some extent.
In terms of volume, 30.17 lakh shares of the company changed hands at BSE and over 4 crore shares were traded at NSE during the day.

ICICI Bank yesterday reported a surprise 4.4 per cent fall in consolidated net profit at Rs 3,122 crore for the December quarter, as its provisions for stressed accounts rose three-fold after the RBI asked banks to recognise asset quality stress of large accounts.

The bank had posted a net profit of Rs 3,265.32 crore for the October-December quarter of last fiscal.
Country's largest private sector lender was warned of NPA pains in the March quarter as well.
The bank saw its gross non-performing assets (NPA) grow nearly three-fold to Rs 6,544 crore during the period under review that also pushed total provisions to Rs 2,844 crore from Rs 980 crore a year ago.

Accordingly, gross NPA rose to 4.72 per cent from 3.90 per cent.
In the broader market, the BSE Sensex ended with a sharp gain of 401.12 points at 24,870.69.