ICICI Bank shares declined more than 1 percent on Monday, October 19, emerging among the top losers on the Nifty 50, even as global brokerages maintained bullish ratings on the private sector lender following its better-than-expected second-quarter earnings. Goldman Sachs sees nearly 45 percent potential upside in the stock, while JPMorgan and Nomura have raised their target prices.
ICICI Bank stock fell 1.15 percent to Rs 1,381 in morning trade, compared with Friday's closing price of Rs 1,397. The stock has gained 3.2 percent year-to-date, outperforming the Nifty 50, which has declined 11.5 percent over the same period. The bank's market capitalisation stood at approximately Rs 9.9 lakh crore.
The decline came amid broader weakness in banking stocks and the equity market. The Bank Nifty index was down 0.4 percent. At 11:28 am, the Sensex was down 331.45 points, or 0.44 percent, at 74,397.82, while the Nifty fell 91.25 points, or 0.39 percent, to 23,054.90.
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ICICI Bank reported a 20.1 percent year-on-year rise in standalone net profit to Rs 14,843 crore for the September quarter, beating the CNBC TV18 poll estimate of Rs 14,280 crore. Net interest income (NII) grew 17.7 percent to Rs 25,339 crore, exceeding the estimate of Rs 24,811 crore. However, net interest margin (NIM) narrowed to 4.18 percent from 4.36 percent in the preceding quarter and 4.30 percent a year earlier.