ICICI Bank's scrip today fell by 1.5 per cent after the company reported its worst numbers in over a decade with consolidated net profit plunging 87 per cent in March quarter.
Shares of the company declined 1.48 per cent to settle at Rs 236.60 on BSE. During the day, it went down by 3.64 per cent to Rs 231.40.
On NSE, the stock went down 1.31 per cent to close the day at Rs 236.95.
The company's market valuation fell by Rs 2,054.69 crore to Rs 1,37,586.31 crore.
In terms of volume, 57.66 lakh shares of the company changed hands at BSE and over six crore shares were traded at NSE during the day.
ICICI Bank today reported its worst numbers in over a decade with consolidated net profit plunging 87 per cent in March quarter at Rs 406.71 crore due to a spike in provisioning for bad loans.
Higher provisioning is in view of the Reserve Bank's asset quality review (AQR) as well as expectations of further bad loan issues at the country's largest private sector lender.
The Chanda Kochhar-led bank had posted a post-tax net of Rs 3,084 crore on a consolidated basis in the January-March quarter of last fiscal, and Rs 3,122 crore in the preceding quarter, when it started recognising the effects of bad loans following the AQR.
On a standalone basis, the bank's net profit tanked 76 per cent to Rs 701.89 crore from Rs 2,922 crore a year ago.
The bank saw loans worth Rs 7,000 crore slipping into NPAs during the March quarter, taking the gross NPA ratio to 5.82 per cent, from 3.78 per cent a year-ago and from 4.72 per cent at the end of the preceding quarter.
