ICICI says has exposure to troubled Singapore oil trading co

ICICI 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 the current coronavirus pandemic as demand has been severely hit due to the almost lockdown situation all across the globe.

In a news clarification about its exposure of USD 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". 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.

ICICI Bank shares on Tuesday plunged 8.28 per cent to Rs 331.55 apiece on BSE.