ICICI Bank shares plunge over 7% intraday on disappointing Q3 results

ICICI Bank shares fell by over 7% after the company reported 4.4% fall in consolidated net profit for the December quarter. The stock went down by 7.27% to Rs 216, its 52 week low, on the BSE. 

However, at 1342 hours, the company's shares had recovered from the day's low and were trading 2.68% down or Rs 6.25 down at Rs 226.70 from previous day's close. 

At the NSE, shares of the company plunged 6% to Rs 219. However, later the stock saw some recovery and was trading 3.76% down at Rs 224.20 during afternoon session on the BSE. 

ICICI Bank reported a surprise 4.4% fall in consolidated net profit at Rs 3,122 crore for the December quarter on Thursday, as its provisions for stressed accounts rose three-fold after the RBI asked banks to recognise asset quality stress of large accounts.

The bank had posted consolidated net profit of Rs 3,265.32 crore for the October-December quarter of last fiscal. The country's largest private sector lender was warned of NPA pains in the March quarter as well.

The bank saw its gross non-performing assets (NPA) grow nearly three-fold to Rs 6,544 crore during the period under review that also pushed total provisions to Rs 2,844 crore from Rs 980 crore a year ago.

Accordingly, gross NPA rose to 4.72% from 3.90%.