ICICI Bank in Crisis?
Bad rumours started flowing into the markets about ICICI BANK that that bank is facing severe damage and problems due to american financial crisis. ICICI Bank is the no. 1 private sector bank of india.
The stock of ICICI Bank fell almost 30% in single trading session today and the rush of people for withdrawing their money is witnessed at local branches.
The bank management and RBI still giving clarifications and singing one song "everything is ok", well as per history tells no bank which is goin bankrupt ever admitted that we are not fine. And Lehman Brothers is classic example of that. Its time to remain cautious although it might be rumours.
Friday, October 10, 2008
ICICI Bank going to Bankrupt?
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2 comments:
I do not agree to these facts of ICICI going bankrupt....
All these are on wrong rumours and the poor sentiments created by the same.
ICICI Bank's earning estimates shows that September quarter net interest income is expected to go up 19.6% at Rs 21,359 million (Rs 2135.9 crore).
The company's PAT is seen up 3.2% at Rs 10,343 million (Rs 1034.3 crore)
So where is the worry and what is going wrong? Poor rumours like this will only ruin the Indian economy as a whole.
Earlier once, there was a big mess created by such rumours and people waited in Q to withdraw their monies. At that time bank management promised to keep open the branches to withdraw the funds as one needs and it proved their sincere attitude towards others funds. The rumours can kill an institute, an example is Manipal Finance. Though the financial position was good, rumours made depositors to withdraw their funds and finally the institution was shut down. Still the case of depositors lie in the court.
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