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ICICI Securities, ICICI Pru Life hit lowest level since listing

ICICI Securities (Rs 316) and ICICI Pru Life (Rs 361) were down 3% each in intra-day trade on the BSE.

SI Reporter  |  Mumbai 

ICICI Prudential Mutual Fund
ICICI Prudential Mutual Fund

Shares of ICICI Securities and ICICI Prudential Life Insurance Company (ICICI Pru Life) have hit their respective lowest level since their listing on the BSE in otherwise firm market.

ICICI Securities (Rs 316) and ICICI Pru Life (Rs 361) were down 3% each in intra-day trade on the BSE. On comparison, the S&P BSE Sensex was up 0.36% or 128 points at 35,392.

ICICI Securities has underperformed the market by falling 29% since listing on April 4, 2018. The company had raised Rs 35.15 billion through initial public offer at price of Rs 520 per share.

According to Business Standard report, the Securities and Exchange Board of India (Sebi) has issued a directive to ICICI Prudential Mutual Fund (MF) for allegedly violating the MF code of conduct by making a large investment in the initial public offering (IPO) of its group firm ICICI Securities. The investment allowed the IPO to meet a minimum subscription requirement, without which it would have failed. CLICK HERE TO READ FULL REPORT

ICICI Pru Life hit its lowest level since listing on September 29, 2016, however trading above its issue price of Rs 334 per share. Since June 12, 108, the stock has fallen 14% after ICICI Bank, the promoter of the company, sold 28.71 million equity shares or 2% stake of ICICI Pru Life through open market operations.

ICICI Bank (down 1% at Rs 275) and ICICI Lombard General Insurance Company (down 1% at Rs 700) were other ICICI Group companies too trading lower by 1% on the BSE.


First Published: Tue, July 03 2018. 12:06 IST
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