ICICI Bank shares soar nearly 9% intra-day

ICICI Bank shares soar nearly 9% intra-day

NEW DELHI: ICICI Bank shares soared nearly 9 per cent in intra-day trade on Thursday after the company denied media reports alleging covering up of bad loans.
The stock jumped 8.57 per cent to Rs 345.50 in intra-day on BSE. It finally ended at Rs 332.95, up 4.64 per cent on BSE. ICICI Bank was the top gainer among the BSE 30-share blue chip basket.

On NSE, shares of the company gained 4.17 per cent to close at Rs 332. During the day, the company’s scrip surged 8.51 per cent to Rs 345.85.

Led by the smart jump in the stock price, the company’s market valuation zoomed Rs 9,519.24 crore to Rs 2,14,176.24 crore on BSE. In terms of equity volume, 33.78 lakh shares of the company were traded on BSE and over seven crore shares changed hands on NSE during the day.

In a clarification to BSE yesterday, the company said, the media report ‘ICICI Bank masked bad loans through change in accounting policy’ is a mischievous and motivated attempt to malign the image of ICICI Bank in the eyes of its investors.

The bank’s accounts are audited by reputed statutory auditors whose audit report and audit opinion form part of the bank’s annual report, the filing said. The bank has made full disclosure in its annual report, investor presentations and analysts calls, it added.

Meanwhile, buying was also seen in other bank stocks, with Axis Bank surging 3.86 per cent and SBI rising 2.53 per cent on BSE.

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