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Shares of ICICI Bank Ltd fell as much as 4.2 per cent to Rs 256.5, lowest since October 24, 2017. The shares end lower by 3.26 per cent at Rs 259.30 on the BSE.
According to a media report, ICICI Bank has launched a second external probe to examine the allegations of irregularities in 31 loan accounts raised by a third whistleblower complaint.
The bank has hired a law firm which will look into the allegations that ICICI Bank inflated profits by at least $1.3 billioin over 8 years by delaying the provisioning for 31 NPA accounts, the report added.
ICICI Bank did not immediately respond to Reuters' request for comment.
The stock has brokern below a support at Rs 264.1, the 50 per cent Fibonacci projection level of the correction from January 29 high to April 2 low. This suggests that the stock may fall up to the next support at Rs 251.45, the 61.8 per cent projection level.
The stock's wave pattern suggests it is in wave C of a three-wave correction. If the current wave travels the same distance as the wave A, it may lead to a price fall up to Rs 210.62,
Trend Intensity indicator has gone up to 19, suggesting that the stock is in early stages of a downtrend; MACD is also negative and below its signal line.
The stock had fallen 14.73 per cent this year as of Friday, compared with a gain of 4.64 per cent in the broader NSE Index.
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