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Our Bureau

Mumbai, Oct. 13 After its relentless battering on the bourses since the beginning of this month, ICICI Bank saw investors back at its counter.

The scrip closed up by a massive 16.75 per cent at Rs 425.1.

It touched an intra-day high of Rs 454.90, and was the third largest gainer among the Sensex stocks. It made for a combined turnover of Rs 1,79,689.1 lakh on NSE and BSE.

The BSE banking index was up 12.3 per cent on Monday, with ICICI Bank topping the list.

On Friday, the scrip lost close to 28 per cent in intra-day trade and had closed at Rs 365.1, down 19 per cent from its previous close.

In the last five trading sessions, excluding Monday, the scrip had lost 34 per cent.

“The reason the share price of ICICI Bank surged today because of short covering. There was hardly any straight buying that took place today. The Finance Minster and the bank’s chief Mr K.V. Kamath said there was no reason to panic and that the bank’s financials are sound. Reports by Moody’s and S&P stated that the bank’s fundamentals are still sound could have also built a positive sentiment for the stock,” said Ms Anita Gandhi, head of institutional business at Arihant Capital Markets.

Marketmen also said that the bank’s filing a police cases against certain brokers for spreading “malicious rumours” about it could have triggered the buying.

More Stories on : Stocks | ICICI Bank Ltd

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