ICICI Bank Share Price Tumbles Amid CEO Sandeep Bakhshi’s Resignation Report ‘BUY, SELL or HOLD’? Check Share Price Target (image source: Today Technology Market ResearchDigital)
ICICI Bank share price Target: ICICI Bank’s share price was down by over 17 rupees or 0.60 per cent at an intraday low of 1,141 per share during the early trades today on BSE and NSE following the CEO recognition reports. Around 10:30 am the ICICI bank share piece slightly gained to Rs 1,146 per share. In the latest development bank has denied the reports and labelled them as baseless.
ICICI Bank responded to The Morning Context report, labeling it as ‘baseless’ and ‘a figment of imagination.’ The report claimed that Sandeep Bakhshi sought to step down from his role due to personal reasons but was met with resistance from the Reserve Bank of India (RBI).
“This is with regard to an article carried in The Morning Context, a news portal, with the headline “ICICI Bank in a tizzy after CEO move comes out of left field.” We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is a figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders,” said ICICI Bank in a statement.
In a filing, ICICI Bank categorically dismissed the report, stating, “We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons.” The bank further described the information as completely baseless and misleading, suggesting ulterior motives behind the spread of such rumours.
ICICI Bank Share Price Target: ‘BUY, SELL or HOLD’
Global Stock Brokerage SMC has given a ‘BUY’ rating for the stock setting the ICICI Bank share price target at Rs 1,107 per share. The brokerage cited q4 performance, assets quality, loan growth, book value and other several other reasons.
ICICI Bank Financial Performance
Last week, ICICI Bank achieved a significant milestone by becoming the fifth Indian company and the second bank to surpass Rs 8-lakh-crore market capitalization for the first time. This feat was attributed to a 4 per cent rally in its shares driven by robust earnings.
ICICI Bank reported a net profit of Rs 10,708 crore in Q4 FY24, marking a 20 per cent increase from Q4 FY23. This growth was fueled by strong advances and reduced credit costs, despite margin pressure. The bank achieved a Return on Assets (ROA) of 2.4 per cent in FY24, reflecting consistent and robust performance.
The net interest income (NII) witnessed an 8 per cent rise to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore.
