K V Kamath, chief executive, ICICI Bank said deposits with the bank are safe, and that it had a cushion to take domestic and overseas shocks.
Kamath’s statements came amid concerns about ICICI’s potential exposure to the global financial crisis, which has knocked its shares down 71 percent in 2008. The shares fell 19.7 percent on last Friday, recording their sharpest single day fall ever.
Shares of ICICI Bank on Monday surged as much 19 per cent in the early morning trade on the Bombay Stock Exchange after the Chief Executive of the country’s largest private sector banking lender assured that the bank has sufficient liquidity and the depositor money is safe.
Shares of the bank opened firm at Rs 405 and rallied further to touch the day’s high of Rs 433, a jump of 18.89 per cent over previous close on the BSE.