Stocks

ICICI Bank stocks spurt 8.5% to Rs 346

BL Internet Desk Aug 9 | Updated on August 09, 2018 Published on August 09, 2018

ICICI Bank shares gained as much as 8.5 per cent to Rs 345.85, highest since February 8, as it has made full disclosures about its bad loans and non-performing assets in its annual report, investor presentations and analysts’ calls.

“The bank’s accounts are audited by reputed statutory auditors whose audit report and audit opinion form part of the bank’s annual report,” ICICI Bank had said in a regulatory filing on Wednesday.

The bank is conducting an investigation into 31 loan accounts involving Rs 6,082 crore, following a complaint by an anonymous whistleblower, and is also in touch with the Securities and Exchange Commission over “the timing and amount of the bank’s loan impairment provisions taken under US GAAP”.

The lender said that it classifies loans as non-performing (sub-standard/doubtful/loss) and makes provisions for them as per RBI guidelines.

More than 20 million shares traded as of 0447 GMT, compared with 30-day average of 21.9 million.

Published on August 09, 2018
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