ICICI Bank declines after cutting base rate

ICICI Bank fell 1.19% to Rs 311.75 at 09:35 IST on BSE after the bank announced a reduction of 5 basis points in its base rate to 9.70% per annum from 9.75% per annum with effect from today, 26 June 2015.

The announcement was made after market hours yesterday, 25 June 2015.

Meanwhile, the S&P BSE Sensex was down 126.20 points or 0.45% at 27,769.77

On BSE, so far 63,638 shares were traded in the counter as against average daily volume of 10.36 lakh shares in the past one quarter.

The stock hit a high of Rs 315.40 and low of Rs 311.25 so far during the day. The stock had hit a record high of Rs 393.30 on 28 January 2015. The stock had hit a 52-week low of Rs 266.90 on 14 July 2014.

The large-cap private sector bank has equity capital of Rs 1160.80 crore. Face value per share is Rs 2.

With effect from 1 July 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to the bank's base rate, ICICI Bank said.

ICICI Bank's net profit rose 10.2% to Rs 2922 crore on 12.2% growth in total income to Rs 16234.73 crore in Q4 March 2015 over Q4 March 2014.

ICICI Bank is India's largest private sector bank. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India. As at 31 March 2015, the bank had a network of 4,050 branches and 12,451 ATMs.

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