Tuesday, January 31, 2023
HomeUncategorizedICICI Bank falls on worries about exposure to Jaiprakash Group

ICICI Bank falls on worries about exposure to Jaiprakash Group

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ICICI Bank fell 2.2 per cent. The bank’s exposure to debt-laden Jaiprakash group is worrying investors.

Jaiprakash Power Ventures’ deal to sell its hydropower business to Reliance Power has collapsed.

Also, the Supreme Court on Wednesday de-allocated all the four coal blocks awarded to the group.

ICICI Bank has more than Rs. 5700 crore ($933.4 million) worth of exposure to the group.

The bank trading at 2.06 times of its 12-month forward book value compared to 0.94 times of rivals.

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