ICICI Lombard surge 14% as ICICI Bank board approves increase in stake to 4%

29 May 2023 , 01:06 PM

ICICI Lombard General Insurance shares witnessed 14% surge after ICICI Bank’s board decided to increase stake by 4% in multiple tranches.

The bank holds 48.02% stake in ICICI Lombard as on March 31, 2023 and has plans to acquire 2.5% stake in the company before September 9, 2023, as said by ICICI Bank on Saturday in its exchange filing.

ICICI Lombard shares reserved its losses after hitting 52 week low to Rs 1049 on NSE in March. However, in the last 1 month, it has gained 13%. 

Shares of the general insurer were last up at 11.4% at 1,224.80 rupees. They posted their biggest intraday pct gain since April 7, 2020 and the highest level since Jan. 18.

At 1.00 PM, the shares of ICICI Lombard General Insurance were trading at 1195.80, 8.73% higher to previous close of Rs 1099.95 on NSE. While the shares of ICICI Bank were trading marginally lower at Rs 949.95 (-0.08%) to previous close of Rs 950.70 on NSE.