ICICI Bank shares today ended nearly 4 per cent lower, wiping out Rs 7,068 crore from its market valuation, after the company's first quarter earnings failed to enthuse investors.
The stock slipped 3.60 per cent to end at Rs 296 on BSE. During the day, it lost 4.28 per cent to Rs 293.90.
On NSE, shares of the company went down by 3.59 per cent to end at Rs 296.15.
Led by the decline in the stock, the company's market valuation slumped by Rs 7,068 crore to Rs 1,89,837 crore.
In terms of volume, 16.80 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.
The country's largest private sector lender yesterday reported a marginal rise of 3.5 per cent in consolidated net profit at Rs 2,604.73 crore for the first quarter of the current fiscal.
The bank's net profit in the corresponding April-June quarter of 2016-17 stood at Rs 2,515.85 crore.
Total income on consolidated basis rose to Rs 26,517.57 crore for the quarter under review, as against Rs 24,483.75 crore in the same period of the previous fiscal, the bank said in a regulatory filing.
There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans rising to 7.99 per cent of the gross advances as on June 30, 2017, compared to 5.28 per cent as on June 30, 2016.
Net NPAs rose to 4.86 per cent of the net loans from 3.01 per cent a year earlier.
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