ICICI Bank sheds 5% on S&P negative rating

ICICI Bank tumbled 5% to Rs 541. The stock clocked a volume of 5.23 million shares on the BSE today.

Updated at 1102 hrs

ICICI Bank has slumped on account of the negative rating given by the S&P on its USCP program.

The stock opened at Rs 565, down Rs 4, and soon spurted to a high of Rs 578. It however tumbled to a low of Rs Rs 539 - down nearly 7% from the day's high. The stock is currently trading at Rs 550 - down 3.5%. The stock has clocked a volume of 1.4 million shares.

The Singapore based rating agency, Standard & Poor's (S&P) Ratings Services had placed its 'A-1' short-term issue rating on the US commercial paper (USCP) program of ICICI Bank on CreditWatch with negative implications.