ICICI Bank shares extend losses, fall nearly 3% on exposure to Singapore oil trading firm

Shares of ICICI Bank extended losses on Wednesday and fell nearly 3 percent in early trade amid concerns over its exposure to a Singapore-based oil trading company

|Apr 22, 2020, 11:14:53 IST

New Delhi: Shares of ICICI Bank extended losses on Wednesday and fell nearly 3 percent in early trade amid concerns over its exposure to a Singapore-based oil trading company.In a news clarification on Tuesday about its exposure of $100 million to Singapore-based Hin Leong Trading Pte, it said, "We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question".The scrip declined 2.57 percent to Rs 323 at the BSE.[caption id="attachment_8051551" align="alignleft" width="380"]

Representational image. Reuters.[/caption]On the National Stock Exchange, it fell 2.65 percent to Rs 323.05.The shares of the company had plunged 8.38 percent on Tuesday to Rs 331.55 on the BSE.Click here to follow LIVE news and updates on stock marketsICICI Bank on Tuesday said it is taking steps to protect its interest regarding its exposure to a Singapore-based oil trading company.Crude oil prices have plunged to their historic lows in the wake of coronavirus pandemic as demand has been severely hit due to lockdowns all across the globe.In a regulatory filing, ICICI Bank said it 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.

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ICICI Bank shares extend losses, fall nearly 3% on exposure to Singapore oil trading firm

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Air India to cut Delhi-Toronto flight time by 3 hours, resume non-stop services from August 1

South Korea economy grows faster than expected in Q2 as chip exports power recovery

India remains among fastest-growing major economies despite global uncertainty, says RBI Bulletin

Iran war could cut global growth by more than half: World Bank’s chief economist Indermit Gill

Brent crude climbs to $94 as analysts expect oil prices to stay in $90–100 range