ICICI Bank shares settle on flat note

Earlier in the day, it went higher by 2.21 per cent to Rs 817.80.In the equity market, the 30-share BSE benchmark fell 306.01 points or 0.55 per cent to settle at 55,766.22.

Shares of ICICI Bank gave up most of the early gains and ended on a flat note on Monday.

In morning trade, the stock had gained over 2 per cent after the company reported a 55.04 per cent jump in its June quarter consolidated net profit.

The stock, which rose 2.23 per cent to Rs 817.85 during the day on the BSE, later ended at Rs 800.90 apiece, a marginal gain of 0.11 per cent.

On the NSE, it settled flat at Rs 800 apiece, against the previous close of Rs 800.05. Earlier in the day, it went higher by 2.21 per cent to Rs 817.80.

In the equity market, the 30-share BSE benchmark fell 306.01 points or 0.55 per cent to settle at 55,766.22. The broader NSE Nifty dipped 88.45 points or 0.53 per cent to 16,631.

''ICICI Bank's results are the best in the banking segment. The stellar Q1 numbers, increasing credit growth and improving asset quality augur well for ICICI Bank stock,'' said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

On Saturday, ICICI Bank reported a 55.04 per cent jump in its June quarter consolidated net profit to Rs 7,384.53 crore, helped by a sharp reduction in provisions and the core interest income continuing to be strong.

On a standalone basis, the second-largest private sector lender reported a net profit of Rs 6,904.94 crore, against Rs 4,616.02 crore in the year-ago period, but was lower than Rs 7,018.71 crore in the preceding March quarter.