MENU

Published on 11/05/2020 3:37:40 PM | Source: IANS

ICICI Bank shares slump 5% despite Q4 profit rise

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Share price of ICICI Bank plunged over 5 per cent, here on Monday, despite an improved quarterly result. The analysts attributed the slump to the lower-than-expected rise in profits.

At 2.26 p.m, the bank's share was trading on the BSE at Rs 321.70, lower by Rs 16.05 or 4.75 per cent from the previous close.

On Saturday, the bank reported a 26 per cent year-on-year rise in standalone net profit for the fourth quarter of 2019-20 at Rs 1,221 crore.

The bank made provisions, excluding those linked to Covid-19 and tax, worth Rs 3,242 crore in Q4 against Rs 2,725 crore in the year-ago quarter.