ICICI Bank shares slump 3% after announcing investment in Resurgent Power Ventures

NEW DELHI: Shares of ICICI Bank, India's largest private lender, tumbled over 3 per cent in morning trade on Monday after it announced plans to invest 10 per cent equity capital of Resurgent Power Ventures (RPV), a power platform created by ICICI Group and Tata Group to facilitate investment in power projects in India.

"The equity investment in RPV is a strategic one to leverage the opportunities in the power sector. RPV as a power platform will facilitate investment in power projects in the country," ICICI Bank said in a regulatory filing to stock exchanges.

Sharing his views on ICICI Bank, Mukul Kochhar of Investec Capital Services told ETNow that ICICI Bank was going to get a fair boost from some of the IPOs that it is going to launch this year. “ICICI Bank is probably one of the cheaper ones, where you will see a re-rating," he said.

At 09:43 am, shares of the bank were trading at Rs 265.70 apiece, down 3.08 per cent from its previous close on the Bombay Stock Exchange ( BSE).