ICICI Bank Shares Recover Early Losses, Close over 1 Pc Higher
Shares of ICICI Bank erased all its early losses and closed over 1 per cent higher on Wednesday.
New Delhi, Apr 22 (PTI) Shares of ICICI Bank erased all its early losses and closed over 1 per cent higher on Wednesday.
ICICI Bank shares had fallen in early trade amid concerns over its exposure to a Singapore-based oil trading company.
In a news clarification on Tuesday about its exposure of USD 100 million to Singapore-based Hin Leong Trading Pte, it said, "we confirm that the bank, in the normal course of its business, has exposure to the borrower group in question".
The scrip which declined 2.57 per cent to Rs 323 during the day on the BSE, later bounced back and closed with a gain of 1.37 per cent at Rs 336.10.
On the NSE also, the stock pared all its morning losses and closed 1.40 per cent up at Rs 336.50.
The shares of the company had plunged 8.38 per cent on Tuesday to Rs 331.55 on the BSE.
ICICI Bank on Tuesday said it is taking steps to protect its interest regarding its exposure to a Singapore-based oil trading company.
Crude oil prices have plunged to their historic lows in the wake of coronavirus pandemic as demand has been severely hit due to lockdowns all across the globe.
In a regulatory filing, ICICI Bank said it is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures.
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