Daily Banking Industry News
Saturday 20th of September 2008

Banking Sectors:

By company:

By organisation:

Also see:

March 5, 2008

Indian shares led lower by ICICI Bank

by Richard Kilner

Story link: Indian shares led lower by ICICI Bank

Yesterday shares in India tumbled by 2% to reach their lowest ebb for half a year.

Leading the charge downhill was ICICI Bank, which reported that up to 9% could be cut from its profits following losses in investments.

It is speculated that other banks could see substantial writedowns following the US subprime mortgage crisis and credit crunch.

ICICI is particularly important, being the second largest lender in India, in addition to being the second biggest stock on the index.

Initially the bank’s shares slumped in value by 9.3%, only to stage something of a rally, and finish down by 5.2% (Rs971.60).

The BSE Index saw 337.99 points wiped from its value, with nineteen out of thirty components falling, to end the day on 16,339.89.

This year has not been a happy one for the index, which has lost 19.5% since 2008 began.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: Indian shares led lower by ICICI Bank

Citigroup name new Indian M&A chief  ...

Indian banks HDFC and Centurion set to merge  ...

Lehman Brothers Likely To Increase Indian Exposure  ...

Credit Suisse bolsters Indian investment banking team  ...

UBS suffers setback in Indian expansion  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Standard Bank of RSA report full year earnings rise of 23.4%
Next: Chinese banks lend over 100bn yuan to snow-struck areas »

Visited 435 times, 1 so far today


Savings & Investment News


Borrowing & Lending News