ICICI surges 19 pct after CEO's assurance

Agencies
Posted: Monday, Oct 13, 2008 at 1127 hrs IST
Updated: Monday, Oct 13, 2008 at 1127 hrs IST

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ICICI Bank surges 10 pct in morning trade ICICI shares down 25 pct on day

Mumbai, October 13:: Shares of ICICI Bank on Monday surged as much 19 per cent in the early morning trade on the Bombay Stock Exchange after the Chief Executive of the country's largest private sector lender assured that the bank has sufficient liquidity and the depositors money is safe.

Shares of the bank opened firm at Rs 405 and rallied further to touch the day's high of Rs 433, a jump of 18.89 per cent over previous close on the BSE.

In an interview to a TV channel, ICICI Bank CEO and MD KV Kamath said, the bank has enough cushion in the balance sheet and a very small exposure in the US.

Similar movements were witnessed on the National Stock Exchange where the scrip opened at Rs 390 and touched an intra-day high of Rs 432.70, up 18.98 per cent over Friday's close. Over 1.13 crore shares changed hands on both the bourses.

Kamath's statement followed the hammering down of scrip of the bank on Friday.

The bank's scrips has suffered heavy looses including 20 per cent on Friday in the face of onslaught of rumours though the largest private sector lender has been maintaining that it is facing no crunch and its financial position is strong.

The scrip was later trading at Rs 426.75, up 17.21 per cent on the BSE and at Rs 423.90 on the NSE in the early morning trade.

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