December 5, 2024
New Delhi, India
GST Searches Trigger Dip in ICICI Bank Shares
ICICI Bank, India’s second-largest private lender, witnessed a slight decline in its share price following search operations conducted by Maharashtra GST officials at three of its offices on December 4, 2024.
Key Developments:
- Search Operations:
- Conducted under Sections 67(1) and 67(2) of the Maharashtra GST Act, 2017.
- ICICI Bank confirmed full cooperation with authorities and stated that proceedings are ongoing.
- Market Impact:
- ICICI Bank shares dropped by ₹5 intra-day, opening at ₹1,316.25 on December 5 and reaching a low of ₹1,308.60.
- By 10:50 AM, the stock was trading at ₹1,312.20, down 0.23% from the previous close.
Bank’s Performance and Assurances:
Despite the recent developments, ICICI Bank reassured investors of its compliance with regulatory requirements. The lender emphasized its ongoing cooperation with the authorities.
The bank recently reported a strong financial performance for Q2 FY 2024-25, with a 14.5% y-o-y increase in net profit, standing at ₹11,745.9 crore. Key metrics such as improved asset quality and robust loan growth highlight ICICI Bank’s resilience amid market fluctuations.
The situation remains under scrutiny, with market participants closely monitoring updates on the GST proceedings.
ICICI bank shares were trading at Rs. 1310 a piece down 0.40% by 11:53 AM IST today.
Disclaimer:
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