Icici Bank Scrip Turns Hot On Listing, 1cr Shares Dealt

A record number of more than one crore shares were traded in the ICICI Bank which gained listing at the National Stock Exchange (NSE) yesterday.

The ICICI Bank scrip opened at Rs 35 at the NSE, it touched a high of Rs 49.45 before closing at Rs 46.50, while at the Bombay Stock Exchange (BSE) the scrip close at Rs 49.45 after opening at Rs 46.50.

At the BSE the scrip witnessed a trading of 34.58 lakh shares while at the NSE 1.06 crore shares were traded.

This is possibly the highest ever trading interest witnessed for a new listing among stocks in the banking sector.

The scrip, with an issue price of Rs 35, also witnessed sharp trading interest in the depository segment with 6730 shares worth Rs 3.34 lakh changing hands at an average price of Rs 49.58, which works out to a marginally higher price than at the physical market.

The ICICI Bank counter also witnessed a trade-for-trade transaction of 6.78 lakh shares on the NSE in different tranches at a price range between Rs 46-Rs 49.

The scrip in value terms witnessed a traded turnover of Rs 50.44 crore at the NSE and Rs 16.31 crore at the BSE. According to market sources ICICI bank yesterday witnessed heavy buying from foreign institutional investors (FIIs) since FIIs were not given any firm allotment in the bank scrip.

This bank scrip spurted sharply yesterday due to heavy speculation. The speculation in the scrip was mainly on account of the initial euphoric sentiment at the markets, said a broker.

Once the euphoria dies down in the ICICI Bank scrip, it will move according to fundamentals, said a dealer.

Significantly, other bank stocks like Bank of India, Bank of Baroda and Dena Bank have been witnessing a slide in the last few trading sessions.

Marketmen said that this could be possibly due to unloading of these stocks in favour of the ICICI Bank scrip.

According to Sandeep Shah of Kotak Securities, the scrip is likely to stabilise at higher levels.

The stock was issued at a premium of Rs 25. ICICI Bank received overwhelming response from the investing public in spite of the bearish primary market.