ICICI Bank Stock Update: Shares Slip Amid GST Notice & Market Headwinds

ICICI Bank (NSE: ICICIBANK) shares are trading with a mild downward bias in Wednesday's intraday session, currently at ₹1,293.60. The stock opened slightly lower at ₹1,295.70, touching an intraday high of ₹1,301.50 before paring gains to register a low of ₹1,292.20. This marks a 0.65% decline from its previous close of ₹1,302.00. Trading volume for ICICIBANK remains subdued at 901,350 shares, suggesting a lack of aggressive selling despite the price dip. The broader market sentiment appears to be influencing this muted trading action. Reliance Industries Stock Update: Share Price Hits Fresh 52-Week Low.

52-Week Context

In the context of its 52-week performance, ICICI Bank's current price of ₹1,293.60 places it towards the lower end of its annual trading range. The stock's 52-week high stands at ₹1,480.00, while its 52-week low is ₹1,187.60. Today's dip brings it further away from its annual peak and closer to the lower support levels, reflecting the cautious mood pervading the financial sector. Analysts had previously noted that mutual funds have increasingly favored HDFC Bank despite its recent underperformance, possibly indicating a shift in institutional preference away from ICICI Bank.

Latest Developments

The mild pressure on ICICI Bank shares comes amid a confluence of factors, both stock-specific and broader market-driven. On the corporate front, ICICI Bank recently disclosed a new Goods and Services Tax (GST) demand notice amounting to ₹16.76 crore from West Bengal authorities. This demand pertains to services provided to customers maintaining specified minimum balances in their accounts. The bank has indicated that similar issues are already under litigation and plans to respond to the latest notice within the prescribed timelines. While this figure is not substantial for a bank of ICICI Bank's size, it does add to regulatory scrutiny and potential litigation overhead.

More significantly, the broader Indian financial sector has been under pressure due to escalating Middle East tensions and surging global oil prices, which have pushed crude above $100 per barrel. This global uncertainty has led to persistent selling by Foreign Institutional Investors (FIIs), with Financial Services being one of the largest sectoral drags on the market. Despite these headwinds, analyst sentiment for ICICI Bank remains robust. Goldman Sachs recently raised its price target to INR 2,000, citing the bank's outsized share in FCNR deposit mobilization, while Bernstein upgraded the stock to a 'Strong Buy'. Furthermore, Erste Group Bank raised its FY2027 EPS estimate for ICICI Bank, underscoring strong fundamentals with a 13.81% ROE and 25.60% net margin.

Positive news for the wider banking sector includes the deferment of a planned three-day nationwide bank strike, removing a potential disruption to services. Additionally, credit growth continues to outpace deposit mobilization, with loans rising 20% against deposits growing by 18%, indicating healthy underlying demand in the economy.

Outlook

For the remainder of the session, investors will be closely watching for any further cues from global markets regarding oil prices and geopolitical developments. The stock's ability to hold above its intraday low could signal some resilience, while a sustained breach below this level might indicate further downside.

Disclaimer: The information provided in this article is based on news reports and is not intended as investment advice. Investing in stocks involves risk. LatestLY advises its readers to consult with a financial advisor before making any investment decisions.

(The above story first appeared on LatestLY on Sep 29, 2026 09:31 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).