ICICI Securities witnessed a nearly 1.84 percent decline in shares at the opening on the NSE on January 17, a day after the company disclosed a remarkable 67 percent year-on-year increase in net profit for the third quarter of FY24. As of 10:16 am, the shares continued to trade lower, recording a 2.49% decrease at ₹764.50.
In a regulatory filing made after market hours on January 16, ICICI Securities reported a standalone net profit of Rs 465 crore for the quarter ending December 2023, demonstrating a substantial 67 percent on-year growth compared to the previous fiscal. The company also revealed a noteworthy 50 percent YoY rise in standalone revenue, reaching Rs 1,322 crore for the same reporting quarter.
Notably, on November 29, ICICI Bank announced the approval for the delisting of shares of ICICI Securities from both bourses. Additionally, on November 9, ICICI Bank received approval from the Reserve Bank of India (RBI) to transition ICICI Securities into its wholly-owned subsidiary. Despite these positive developments, the market responded with a dip in ICICI Securities’ share value.
