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ICICI Bank shares today fell by over 7 per cent after the company reported 4.4 per cent fall in consolidated net profit for the December quarter.
The stock went down by 7.27 per cent to Rs 216, its 52 week low, on the BSE.
On the NSE, shares of the company plunged 6 per cent to Rs 219.
However, later the stock saw some recovery and was trading 3.76 per cent down at Rs 224.20 during the afternoon session on the BSE.
ICICI Bank yesterday reported a surprise 4.4 per cent fall in consolidated net profit at Rs 3,122 crore for the December quarter, as its provisions for stressed accounts rose three-fold after the RBI asked banks to recognise asset quality stress of large accounts.
The bank had posted consolidated net profit of Rs 3,265.32 crore for the October-December quarter of last fiscal.
The country’s largest private sector lender was warned of NPA pains in the March quarter as well.
The bank saw its gross non-performing assets (NPA) grow nearly three—fold to Rs 6,544 crore during the period under review that also pushed total provisions to Rs 2,844 crore from Rs 980 crore a year ago.
Accordingly, gross NPA rose to 4.72 per cent from 3.90 per cent. PTI SUM PRB STS 01291252
Jefferies has cut price target to Rs 320 from Rs 330 and has maintained “buy”.
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