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ICICI Bank skids 9% on $100 mn exposure to troubled Singaporean oil trader

According to news agency Reuters, the founder and director of Hin Leong Trading Pte (HLT), Asia's largest oil trader, directed the firm not to disclose these losses

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While ICICI Bank is one of the 23 secured creditors which have lent $3.64 billion to the company, it is one of the only four banks that have secured a part of their exposure to the company.

SI Reporter New Delhi

3 min read Last Updated : Apr 21 2020 | 3:18 PM IST

Shares of ICICI Bank tumbled as much as 8.7 per cent to Rs 330 on the BSE on Tuesday after the bank clarified it has exposure to Ocean Tankers, a unit of Singapore oil-trading firm Hin Leong Trading (HLT), that has filed for bankruptcy in Singapore. The firm owes nearly $100 million -- or nearly Rs 760 crore -- to the lender.

At 3:15 pm, the stock of the Mumbai-based lender was quoting at Rs 331.9 apiece, down 8 per cent, on the BSE. In comparison, the benchmark S&P BSE Sensex was at 30,674.7 level, down 973.3 points or 3

Topics : Buzzing stocks Markets ICICI Bank

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