ICICI Bank stock falls 9% on $100-mn exposure to bankrupt Singapore oil firm

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ICICI Bank stock falls 9% on $100-mn exposure to bankrupt Singapore oil firm
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ICICI Financial institution share worth ended 8.28% or 30 factors decrease at Rs 331.55 in comparison with the earlier shut of Rs 361.50 on BSE. The inventory opened 6% decrease at Rs 340 immediately

ICICI Financial institution share closed decrease immediately amid studies that the lender has $100 mn publicity to  Singapore-based oil buying and selling agency Hin Leon Buying and selling Pte which has filed for chapter in that nation. ICICI Financial institution share worth ended 8.28% or 30 factors decrease at Rs 331.55 in comparison with the earlier shut of Rs 361.50 on BSE. The inventory opened 6% decrease at Rs 340 immediately. It fell 9.2% to Rs 328.5 intra day.

The big cap inventory stands increased than 20 day shifting averages however decrease than its 5 day, 50 day, 100 day and 200 day shifting averages. The inventory touched its 52-week low of Rs 269 on March 24 2020 and 52 week excessive of Rs 552.40 on December 30, 2019. The big cap inventory has misplaced 18.12% over the last one 12 months and fallen 38.46% for the reason that starting of this 12 months.

ICICI Financial institution inventory rises 8% as Kotak Equities affirms ‘Purchase’ name

ICICI Financial institution inventory has declined 11.81% in final two days.

The financial institution has lent $100 million to Ocean Tankers, a unit of Singapore oil-trading agency,  of which $75 million is secured by way of investory, Financial Occasions mentioned quoting a report by S&P owned Platts company.

“Hin Leong and its sister firm Ocean Tankers, which owns greater than 100 cargo ships, have each filed for bankrutpcy on Friday which can give 30 days to restructure debt. Hin Leong based by Chinese language billionaire Lim Oon Kuin has complete debt of near $four billion which must bw restructured,” the report mentioned.

ICICI Financial institution share worth falls 5% as S&P revises outlook to adverse

The lender in a communication to BSE confirmed having publicity to the corporate.

“We verify that the Financial institution, within the regular course of its enterprise, has publicity to the borrower group in query, and is taking due steps to guard its pursuits, and can appropriately replicate the identical in its monetary statements, as it could do in respect of all its banking exposures,” it mentioned in an announcement.

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