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

ICICI Bank share price ended 8.28% or 30 points lower at Rs 331.55 compared to the previous close of Rs 361.50 on BSE. The stock opened 6% lower at Rs 340 today

twitter-logo BusinessToday.In        Last Updated: April 21, 2020  | 18:53 IST
ICICI Bank stock falls 9% on $100 mn exposure to bankrupt Singapore oil firm
Share price of ICICI Bank fell 9.2% to Rs 328.5 intra day

ICICI Bank share closed lower today amid reports that the lender has $100 mn exposure to  Singapore-based oil trading firm Hin Leon Trading Pte which has filed for bankruptcy in that country. ICICI Bank share price ended 8.28% or 30 points lower at Rs 331.55 compared to the previous close of Rs 361.50 on BSE. The stock opened 6% lower at Rs 340 today. It fell 9.2% to Rs 328.5 intra day.

The large cap stock stands higher than 20 day moving averages but lower than its 5 day, 50 day, 100 day and 200 day moving averages. The stock touched its 52-week low of Rs 269 on March 24 2020 and 52 week high of Rs 552.40 on December 30, 2019. The large cap stock has lost 18.12% during the last one year and fallen 38.46% since the beginning of this year.

ICICI Bank stock rises 8% as Kotak Equities affirms 'Buy' call

ICICI Bank stock has declined 11.81% in last two days.

The bank has lent $100 million to Ocean Tankers, a unit of Singapore oil-trading firm,  of which $75 million is secured through investory, Economic Times said quoting a report by S&P owned Platts agency.

"Hin Leong and its sister company Ocean Tankers, which owns more than 100 cargo ships, have both filed for bankrutpcy on Friday which will give 30 days to restructure debt. Hin Leong founded by Chinese billionaire Lim Oon Kuin has total debt of close to $4 billion which will have to bw restructured," the report said.

ICICI Bank share price falls 5% as S&P revises outlook to negative

The lender in a communication to BSE confirmed having exposure to the company.

"We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question, and is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures," it said in a statement.

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