ICICI Bank Plunges Nearly 3% in Opening Hour, Emerges as Top Nifty Loser Amid Sector Selloff

Mumbai, March 6 (TNA) ICICI Bank shares tumbled nearly 3% within the first hour of trade on Friday, positioning it as the biggest drag on the Nifty 50 index during a volatile session marked by broader market weakness. The stock opened at ₹1,339 on the NSE, down from Thursday’s close of ₹1,357.60, and swiftly hit an intraday low of ₹1,310.40, reflecting a sharp 3.26% decline to ₹1,313.40 as selling pressure intensified in the banking sector.

This downturn aligns with heavy losses across financial heavyweights, exacerbated by geopolitical tensions, spiking oil prices, and profit booking after recent gains, dragging the Nifty Bank index lower by over 1.5% early in the day.

Trading volume surged to over 22 million shares, well above the average, underscoring intense investor activity as the stock underperformed its sector by 1.16% and extended a five-day losing streak totaling 6.05%.

Despite the slide, ICICI Bank’s long-term fundamentals remain robust, with a P/E ratio of 17.94, EPS of ₹73.23, and a market cap nearing ₹9.4 lakh crore, though analysts maintain a cautious ‘Hold’ stance amid short-term pressures.

The private lender’s shares have delivered stellar multi-year returns-51.85% over three years-outpacing the Sensex, but today’s action highlights vulnerability to macroeconomic headwinds. Market watchers eye upcoming earnings and global cues for potential rebound signals.