ICICI Bank gets approval for proposed offshore borrowing, stock plunge

ICICI Bank Monday said its committee of executive directors has approved the proposed offshore borrowing, without citing any amount.

"The Committee of Executive Directors of the bank at its meeting held today has approved the proposed offshore borrowings by way of issuances of debt instruments and certificate of deposits by the bank subject to business requirements/market conditions," the bank said in a regulatory filing.

The stock of ICICI Bank closed 2.85 percent down at Rs 308.75 on BSE Monday.