Investors withdraw from ICICI Bank

ICICI Bank slumped 7.27% to Rs 950 at 13:40 IST on BSE after the bank said it had provided $70 million in Q3 December 2007 and may have to provide another $50 million this quarter for investment losses.

On BSE, 16.26 lakh ICICI Bank shares were traded. The stock had an average daily volume of 6.79 lakh shares on BSE in past one quarter.

The scrip had touched a high of Rs 1040 and a low of Rs 929.10 so far during the day. The stock had hit a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 791.15 on 3 April 2007.

The scrip underperformed the market over the past one month till 3 March 2008, declining 14.47% compared to the Sensex’s decline of 8.58%. However it outperformed the market in the past one quarter, declining 10.17% compared to Sensex’s decline of 14.60%.

India’s largest private sector bank by assets has an equity capital of Rs 1112.62 crore. Face value per share is Rs 10.

At the current price of Rs 950, the scrip trades at a PE multiple of 21.47, based on Q3 December 2007 annualised EPS of Rs 44.24.

ICICI Bank’s net profit rose 35.2% to Rs 1230.21 crore on 36.4% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006.

ICICI bank’s principal activity is to provide retail-banking, corporate banking, cash management and treasury management services.