ICICI Bank slumped 9.25% to Rs 659.55 at 15:25 IST on BSE after its American depository receipt fell more than 10% in the US market yesterday, 24 July 2008.
Meanwhile, the BSE Sensex was down 494.56 points, or 3.33%, to 14,285.06. The market retreated on weak global cues. US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week.
On BSE, 22.18 lakh shares were traded in the counter. The scrip had an average daily volume of 10.78 lakh shares in the past one quarter.
The stock hit a high of Rs 706 and a low of Rs 648 so far during the day. The stock had a 52-week high of Rs 1,465 on 14 January 2008 and a 52-week low of Rs 515.10 on 16 July 2008.
From a recent low of Rs 519.60 on 16 July 2008 the stock jumped 39.87% to Rs 726.80 on 24 July 2008. The stock had climbed 11.64% to Rs 738.25 on 23 July 2008 on hopes banking reforms will kickstart after the government won trust vote in parliament on 22 July 2008
India’s largest private sector bank by assets ICICI Bank had underperformed the market over the past one month till 24 July 2008, rising 3.06% compared to the Sensex’s return of 3.92%. It had also underperformed the market in the past one quarter, falling 17.07% compared to Sensex’s decline of 13.72%.
The bank has an equity capital of Rs 1,113.15 crore. Face value per share is Rs 10.
The current price of Rs 659.55 discounts its Q4 March 2008 annualised EPS of Rs 41.34, by a PE multiple of 15.95.
ICICI Bank’s net profit rose 39.4% to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
ICICI bank’s principal activity is to provide retail-banking, corporate banking, cash management and treasury management services.