ICICI Bank falls 0.34 pc, BoR soars 10 pc on BSE | business | Hindustan Times
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ICICI Bank falls 0.34 pc, BoR soars 10 pc on BSE

business Updated: May 24, 2010 19:22 IST

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Parting with early morning gains, shares of private sector lender ICICI Bank on Monday settled 0.34 per cent down at Rs 832 on BSE, a day after its board gave nod to merge Bank of Rajasthan with itself.

Bank of Rajasthan, on the other hand, jumped 10 per cent to close at a one-year high level of Rs 158.80 on the Bombay Stock Exchange. BoR has gained 84 per cent in the last five trading sessions.

Earlier, the shares of ICICI Bank had opened 2 per cent higher on the bourse. But later, the scrip fell to touch an intra-day low of Rs 825, down 1.17 per cent.

The 30-share benchmark index Sensex closed up 0.15 per cent, or 23.94 points, at 16,469.55 points.

On Sunday, ICICI Bank had announced merger of Bank of Rajasthan with it through share-swap in a non-cash deal that values BoR at about Rs 3,000 crore.

After the approval of the deal, ICICI Bank Chanda Kochhar had said that shareholders' approval for the deal would be obtained at the extraordinary general meeting on June 21.

On May 18, ICICI Bank had entered into an agreement with Bank of Rajasthan to amalgamate the latter with itself.