ICICI Bank trades lower for third straight day; hits over two-month low

The stock was down 2.7% to Rs 305 hit its lowest level since December 12, 2017 on the BSE in intra-day trade

ICICI Bank was trading lower for the third straight day, down 2.7% to Rs 305, an over two-month low on the BSE in intra-day trade on Thursday.

The stock of private sector lender hit its lowest level since December 12, 2017. In past three trading sessions, ICICI Bank was down 6.7% against 0.89% decline in the S&P BSE Sensex.

ICICI Bank on Wednesday after market hours said that the Bank is a part of the working capital lender consortium in the Gitanjali group of companies along with several other banks wherein its exposure is not the largest.

“The bank has no exposure to the Nirav Modi’s group of companies, nor has the Bank issued any Letter of Undertakings (LOUs); nor has any buyer’s credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies,” ICICI Bank said on clarification with reference to the media report titled, "ICICI Bank has exposure to Gitanjali Group, not Nirav Modi firms; CBI questions bank's executive director".

In our view the Article will not have any material impact on the Bank, it added.

At 11:15 am; ICICI Bank was down 2% at Rs 307 against 0.18% decline in the S&P BSE Sensex. A combined 10.37 million shares changed hands on the counter on the NSE and BSE so far.

Gitanjali Gems is locked in lower circuit the 11 straight trading days, down 5% at Rs 20.30, also its new low on the BSE. In past 12 trading sessions, the stock tanked 68% from Rs 62.85 after on February 14, 2018, Punjab National Bank informed the stock exchanges that the bank had discovered some fraudulent  and unauthorized transactions amounting to Rs 114 billion ($1.8 billion).