ICICI Bank tumbled

ICICI Bank tumbled 4.57% to Rs 564.35 at 10:36 IST on BSE on reports the bank’s wholly owned UK unit may have to provide an additional $28 million against its investment of around $80 million in senior bonds of Lehman Brothers Inc.
The stock hit a high of Rs 600 and a low of Rs 556.35 so far during the day. The stock had a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 515.10 on 16 July 2008.
The ICICI Bank stock tanked 17.66% in eight session to Rs 591.35 on 16 September 2008 from Rs 718.25 on 4 September 2008.
India’s largest private sector bank by market capitalisation has an equity capital of Rs 1113.19 crore. Face value per share is Rs 10.
The current price of Rs 564.35 discounts its Q1 June 2008 annualised EPS of Rs 26.16, by a PE multiple of 21.56.
According to reports, ICICI Bank UK Plc, the wholly owned unit of the bank, has already made a provision of close to $12 million against investment in these bonds. Assuming a recovery of 50% of these investments, the additional provision required would be about $28 million.
ICICI Bank UK Plc.'s $80 million investment in Lehman Brothers' bonds constitutes less than 1% of its assets, and less than 0.1% of the consolidated total assets of the ICICI Group, the reports said.
Brokerage Edelweiss Capital expects ICICI Bank to record about $200 million in losses on bonds, including debt issued by Lehman.
ICICI Bank's net profit fell 6.1% to Rs 728.01 crore on a 1.6% rise in operating income to Rs 9429.98 crore in Q1 June 2008 over Q1 June 2007.
ICICI Bank provides retail-banking, corporate banking, cash management and treasury management services.