Maharashtra GST raid at 3 offices of ICICI bank, shares fell flat

ICICI Bank Share:  A search operation has been conducted in three offices of ICICI Bank, one of the largest private sector banks in the country. GST officials of Maharashtra started the search operation at three locations of the bank yesterday. According to the information, the search operation is currently on and ICICI Bank is cooperating in providing the data sought by the officials.

Maharashtra GST raid in ICICI Bank

So far, no information has been given by the bank regarding the reason for this search operation. And no official information has been shared yet regarding the GST department of Maharashtra. This search operation is being done under section 67 (1), (2) of Maharashtra GST Act, 2017. Talking about the shares of ICICI Bank, a decline has been seen on NSE in early trading.

"...on December 4, 2024, GST authorities initiated search at three offices of ICICI Bank. The proceedings are on-going and the Bank is co-operating fully in providing data as per request placed..." says ICICI Bank pic.twitter.com/biZbC9RfmY

— ANI (@ANI) December 5, 2024

ICICI Bank share price on NSE has fallen by more than Rs 5 and is currently trading at Rs 1310.

ICICI Bank had posted strong results for the September quarter with net profit rising 14.5 per cent year-on-year to Rs 11,746 crore. Net interest income (NII) grew 9.5 per cent year-on-year to Rs 20,048 crore, showing steady growth.

Asset quality remained strong, with gross NPA ratio declining to 1.97 per cent as on September 30 from 2.15 per cent a quarter ago.

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