Mumbai, May 19: The shares of ICICI Bank today plunged 7.24 per cent on concerns of an overvalued takeover deal with Bank of Rajasthan, whose shares surged 53 per cent in just two days.
Shares of ICICI Bank closed at Rs 825, down 7.24 per cent on the Bombay Stock Exchange. During the day, the stock fell by 8 per cent to touch an-intra day low of Rs 818.35.
Continuing its gaining-spree for the last four trading sessions, shares of Bank of Rajasthan (BoR) today surged 20 per cent to Rs 119.40 — its best in a year.
The BoR scrip rose over 53 per cent in just two days– surging 20 per cent for the second consecutive day–as promoters of the bank entered into talks with ICICI Bank for a possible merger.
–Agencies