ICICI Bank shares fall 3% after its admits to a $100 million exposure to Singapore trading firm

• The bank earlier said, "We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question".
  
• The shares of the company listed on the BSE plunged by almost 9% on Tuesday to trade at ₹331.55.

Shares of ICICI Bank extended losses on Wednesday and fell nearly 3% in early trade amid concerns over its exposure to a Singapore-based oil trading company.


In a news clarification on Tuesday about its exposure of $100 million to Singapore-based Hin Leong Trading Pte, it said, "We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question".

In a regulatory filing, ICICI Bank said it is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures.

The scrip declined 2.57% to Rs 323 at the BSE.

On the National Stock Exchange, it fell 2.65% to Rs 323.05.

The shares of the company had plunged 8.38% on Tuesday to Rs 331.55 on the BSE.

ICICI Bank on Tuesday said it is taking steps to protect its interest regarding its exposure to a Singapore-based oil trading company.

Crude oil prices have plunged to their historic lows in the wake of coronavirus pandemic as demand has been severely hit due to lockdowns all across the globe.
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