ICICI Securities' shares shed early gains; close 5 pc lower

Shares of ICICI Securities on Friday erased all its early gains and closed 5 per cent lower due to profit-booking.

During the trading session, it jumped nearly 14 per cent after the company reported a 28 per cent rise in profit after tax for the March quarter.

The scrip, which zoomed 13.80 per cent to Rs 429 during the day on the BSE, later eroded its gains and closed at Rs 357.80, down 5.08 per cent.

On the NSE, shares of the company fell 4.85 per cent to close at Rs 359.60. Intra-day, it rose 13.77 per cent to Rs 430.

ICICI Securities on Thursday reported a 28 per cent increase in profit after tax at Rs 156 crore for the March quarter on account of growth in revenue and changes in statutory tax rates.

In comparison, the company had posted a profit after tax (PAT) of Rs 122 crore in the corresponding period of 2018-19, ICICI Securities (I-Sec) said in a statement.

The financial services firm's revenue rose 13 per cent to Rs 482 crore in the quarter under review from Rs 428 crore in the year-ago period, supported by growth in retail equities and allied business.

I-Sec attributed the increase in quarterly PAT to growth in revenue and changes in the statutory tax rates.