ICICI Bank declined 0.5% to Rs 250.55 at 9:40 IST on BSE after the bank announced reduction in marginal cost of funds based lending rate by 0.7% across various maturities with effect from 3 January 2017.
The announcement was made after market hours yesterday, 2 January 2017.Meanwhile, the BSE Sensex was down 96.78 points, or -0.39%, to 26,491.39.
On the BSE, 47,741 shares were traded in the counter so far, compared with average daily volume of 15.41 lakh shares in the past one quarter. The stock had hit a high of Rs 252.70 and a low of Rs 249.35 so far during the day. The stock had hit a 52-week high of Rs 298.20 on 10 November 2016. The stock had hit a 52-week low of Rs 180.80 on 26 February 2016.
The stock had underperformed the market over the past one month till 2 January 2017, falling 3.02% compared with Sensex's 1.39% rise. The scrip had, however, outperformed the market in past one quarter, dropping 0.2% as against Sensex's 4.56% decline.
The large-cap private sector bank has equity capital of Rs 1164.11 crore. Face value per share is Rs 2.
ICICI Bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 8%, the rate for one month will be 8% and for three months it will be 8.1%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.2%, the bank said.
All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.
ICICI Bank's net profit rose 2.4% to Rs 3102.27 crore on 41.3% increase in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015.
ICICI Bank is one of the leading private sector banks in India.
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