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.
