Shares of ICICI Bank fell as much as 2.5 per cent on Monday, extending its 2-day slump to over 6 per cent.
ICICI Bank fell nearly 4 per cent on Friday on concerns over its exposure to debt-laden Jaiprakash Group. Rating agency CARE had downgraded Jaiprakash Associates debt.
Rohit Srivastava, fund manager of Sharekhan, says that the outlook for banking stocks remain weak in the near term and they could come under further pressure.
"The banking sector had peaked earlier in January. In market bounce-backs, the rebound in banking stocks has been less and less," he added.
At 9:56 a.m., ICICI Bank was down 2.4 per cent as against a 1 per cent fall in Nifty and 1.56 per cent slump in Bank Nifty.
ICICI Bank fell nearly 4 per cent on Friday on concerns over its exposure to debt-laden Jaiprakash Group. Rating agency CARE had downgraded Jaiprakash Associates debt.
Rohit Srivastava, fund manager of Sharekhan, says that the outlook for banking stocks remain weak in the near term and they could come under further pressure.
"The banking sector had peaked earlier in January. In market bounce-backs, the rebound in banking stocks has been less and less," he added.
At 9:56 a.m., ICICI Bank was down 2.4 per cent as against a 1 per cent fall in Nifty and 1.56 per cent slump in Bank Nifty.
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