ICICI Bank surges 10 pct in morning trade

Agencies
Posted: Tuesday, Oct 14, 2008 at 1153 hrs IST
Updated: Tuesday, Oct 14, 2008 at 1153 hrs IST

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ICICI surges 19 pct after CEO's assurance ICICI shares down 25 pct on day

Mumbai, October 14: : Country's largest private sector lender ICICI Bank surged as much as 10 per cent in morning trade on Tuesday.

The scrip of the company opened at Rs 463.80 on the BSE and touched an intra-day high of Rs 470, a jump of 10.56 per cent from its previous close.

On the National Stock Exchange, it opened at Rs 499.80, a jump of 7.61 per cent from its last close.

The scrip, on Monday, gained nearly 17 per cent after the bank's CEO K V Kamath assured investors that it has strong liquidity position.

ICICI Bank had fell about 20 per cent last week in the face of onslaught of rumours though the lender has been maintaining that it is facing no crunch and its financial position is strong.

On the volume front, good movement was witnessed as over 52.07 lakh shares exchanged hands on NSE and 15.36 lakh shares got traded on BSE.

Kamath had earlier accused some quarters of trying to destabilise the bank by spreading malicious rumours about its financial condition.

Kamath yesterday said ICICI Bank had locked in Rs 90,000 crore alone in government securities and its global subsidiaries have 2.5 billion dollar in cash.

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