ICICI Bank fell 4.97% to Rs 247.85 at 15:03 IST on BSE after shares of the bank's insurance subsidiary declined on debut.
Meanwhile, the BSE Sensex was down 493.56 points, or 1.74%, to 27,799.25.
On BSE, so far 36.76 lakh shares were traded in the counter, compared with average daily volume of 13.65 lakh shares in the past one quarter. The stock hit a high of Rs 263.65 and a low of Rs 243.80 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 28 September 2016, rising 1.82% compared with 0.18% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.58% as against Sensex's 4.79% rise.
The large-cap private sector bank has equity capital of Rs 1163.77 crore. Face value per share is Rs 2.
Shares of ICICI Prudential Life Insurance Company (ICICI Prudential) were trading at Rs 300.10 at 14:57 IST on BSE, a discount of 10.15% over the initial public offer (IPO) price of Rs 334. The stock debuted at Rs 329, a discount of 1.50% to the IPO price. So far the stock hit a high of Rs 333.90 and low of Rs 295.50.
The IPO comprised sale of up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS was paid to ICICI Bank.
ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.
After the IPO, ICICI Bank's stake in the subsidiary reduced to 54.89% from 67.52% earlier. Prudential Corporation Holdings held 25.83% stake in the company.
ICICI Bank's net profit fell 25% to Rs 2232.35 crore on 6.1% increase in operating income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.
ICICI Bank is one of the leading private sector banks in India.
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