Firstsource share slides on ICICI stake sale report

Shares of Firstsource Solutions today declined over 1 per cent on the BSE on reports that ICICI Bank is looking to reduce its stake in the outsourcing firm.

Shares of Firstsource settled the day at Rs 31.90 on the Bombay Stock Exchange, down by 1.09 per cent. According to media reports, ICICI Bank is looking to pare its 14 per cent stake in Firstsource.

At the end of the March quarter, ICICI Bank held a 19.49 per cent stake in Firstsource, as per the data available with the National Stock Exchange.

When approached, an ICICI Bank spokesperson said, "ICICI Bank has stated consistently that its investments in Firstsource is a financial investment and the bank would look at reducing its holding over a period of time."

"The Bank evaluates all opportunities on an ongoing basis," spokesperson added.

Meanwhile, there are also reports that ICICI Bank is likely to sell its stake held in another BPO firm 3i Infotech. 3i Infotech shares settled the day at Rs 78.60, higher by 2.28 per cent on the BSE. ICICI Bank today ended the day at Rs 921.65, marginally up by 0.39 per cent on the BSE.