ICICI sheds 10%+ in a week as investors seek safer bank stocks
ICICI Bank shares have plummeted over 10 percent in just a week since it reported a steep 76 percent dip in fourth quarter profit, due to exceptional provisioning of Rs 3,600 crore. However, even as most broking houses have downgraded earnings estimate for the bank, they continue to hold a positive view on the stock over the long term. They concede though that shares could stay pressured in the near future due to negatives such as pre-provision operating performance (PPOP) weakness, expected high provisions on account of potential slippages, higher credit costs and lower fee income.
ICICI Bank shares have plummeted over 10 percent in just a week since it reported a steep 76 percent dip in fourth quarter profit, due to exceptional provisioning of Rs 3,600 crore. However, even as most broking houses have downgraded earnings estimate for the bank, they continue to hold a positive view on the stock over the long term. They concede though that shares could stay pressured in the near future due to negatives such as pre-provision operating performance (PPOP) weakness, expected high provisions on account of potential slippages, higher credit costs and lower fee income. 
Tata Motors gained 4% to Rs 467 on the BSE
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