ICICI Bank surges 19% after CEO’s assurance

ICICI Bank surges 19% after CEO’s assurance


Mumbai: Shares of ICICI Bank today surged as much 19% per cent in the early morning trade on the Bombay Stock Exchange after the Chief Executive of the country’s largest private sector lender assured that the bank has sufficient liquidity and the depositors money is safe.

Shares of the bank opened firm at Rs405 and rallied further to touch the day’s high of Rs433, a jump of 18.89% over previous close on the BSE.

In an interview to NDTV Profit, ICICI Bank CEO and MD KV Kamath said, the bank has enough cushion in the balance sheet and a very small exposure in the US.

Similar movements were witnessed on the National Stock Exchange where the scrip opened at Rs390 and touched an intra-day high of Rs432.70, up 18.98% over Friday’s close. Over 1.13 crore shares changed hands on both the bourses.

Kamath’s statement followed the hammering down of scrip of the bank on Friday.

The bank’s scrips has suffered heavy looses including 20% on Friday in the face of onslaught of rumours though the largest private sector lender has been maintaining that it is facing no crunch and its financial position is strong.

The scrip was later trading at Rs426.75, up 17.21% on the BSE and at Rs423.90 on the NSE in the early morning trade.