ICICI Bank on Tuesday mentioned it’s taking steps to guard its curiosity concerning its publicity to a Singapore-based oil buying and selling firm. Crude oil costs have plunged to their historic lows within the wake of the present coronavirus pandemic as demand has been severely hit as a result of virtually lockdown scenario all throughout the globe.
In a information clarification about its publicity of USD 100 million to Singapore-based Hin Leong Trading Pte, it mentioned, “We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question”.
In a regulatory submitting, ICICI Bank mentioned it’s taking due steps to guard its pursuits, and can appropriately replicate the identical in its monetary statements, as it will do in respect of all its banking exposures. ICICI Bank shares on Tuesday plunged 8.28 per cent to Rs 331.55 apiece on BSE.