ICICI Bank share price plunged 6.5% Intraday

ICICI Bank share price plunged 6.5 per cent intraday Thursday after its subsidiary ICICI Prudential Life Insurance took a sharp fall in stock price on its debut. ICICI Prudential Life Insurance fell below the level of Rs 300 on listing day itself. The newly listed share crashed 11 per cent intraday to hit an intraday low of Rs 297.10 against the issue price of Rs 334 per share.

ICICI Prudential Life Insurance lost its market capitalization of more than Rs 5,000 crores in one day to Rs 42,643.4 crores from Rs 47,939.8 crores. ICICI Prudential Life Insurance is one of the largest private sector life insurers considering the total premium and assets under management in Financial Year 2016.

Incorporated at Mumbai in the month July 2000, private sector life Insurer Company is a joint venture between India's largest private sector lender, ICICI Bank with Prudential Corporation Holdings which is a part of the UK-based Prudential Group. After the issue, ICICI Bank's stake reduced to 54.89 per cent from 67.52 per cent earlier. Prudential Corporation Holdings held 25.83 per cent stake in the company. Hasham Traders, owned by Azim Premji, held 4 per cent stake in the insurance company and Compassvale Investments, an indirectly wholly owned subsidiary of Temasek, has 2 per cent shareholding.

Currently ICICI Bank share price is trading at Rs 249.10 apiece on NSE, down by 4.47 per cent. A total of 3,25,82,689 shares of the Company have been traded on NSE amounting to a total amount of Rs 82,512.40 lacs. The 52 week high of 292.70 on 16th October 2015 and a 52 week low of Rs 180.75 on 26th February 2016.

Though the share price dipped heavily in the day, ICICI Bank holds good fundamentals and is recognized as one of our top 500 shares.

Get the historical share price performance of the share at ICICI Bank Share Price History.