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Maharashtra GST team reached ICICI Bank offices to conduct search operation, know the whole matter

December 05, 2024

New Delhi: GST officers conducted a search operation in three offices of ICICI Bank, the second largest private sector bank in the country, which is still going on. The bank has also informed the exchanges late night about this search operation being conducted by Maharashtra GST officials. The bank has told the stock exchanges that GST officials started searching three offices of the bank. The proceedings are going on and the bank is fully cooperating in providing data as requested.

The bank made strong earnings in the second quarter
This search operation in the offices of ICICI Bank by GST officials has been conducted under Section 67 (1) and (2) of the Maharashtra GST Act, 2017. This search in ICICI Bank has been seen at a time when the bank is moving ahead with strong financial performance. It is worth noting that in the second quarter (July-September) ICICI Bank’s net profit has been Rs 11,746 crore with a strong jump of 14.5 percent on an annual basis. However, neither the bank nor the GST officials have shared any information about the nature of this search operation.


The effect of this news of search by GST officials can be seen on ICICI Bank shares. Experts monitoring the stock market are keeping an eye on possible reactions. On the NYSE, the bank’s ADR closed 0.36% up on December 4, although it retreated sharply from the intraday high amid an increase in trading volume.

On the last trading day, Wednesday, ICICI Bank Stock also closed in the green zone amid bullish trading in the stock market. During trading, this banking stock opened at Rs 1302.60 and jumped to Rs 1320. However, by the time the market closed, this pace slowed down and the stock closed at the level of Rs 1315.60. Amidst the rise in the stock, the market capitalization of the bank also jumped to Rs 9.29 lakh crore. Now the effect of the news of the search operation in the bank can be seen on the stock.

Strong rise in the stock this year
ICICI Bank’s stock has given great returns to its investors so far this year and its price has jumped up to 32 percent. Which shows the confidence of investors in its performance and strategy. In the second quarter, the net interest income (NII) also increased by 9.5 percent year-on-year to Rs 20,048 crore. At the same time, the bank’s gross NPA ratio increased to 1.97% by September 30, which was 2.15% a quarter ago.

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