ICICI Sec trades lower after Sebi warning on merchant banking books

For Q3FY24, ICICI Securities reported a standalone net profit of Rs 465 crore, a jump of 67 percent to the previous fiscal. Standalone revenue from operations stood at Rs 1,322 crore during the quarter under review, around 50 percent higher than the previous fiscal.

Shares of ICICI Securities fell 1.33 percent at the open on the NSE on February 29, a day after the company reported that it has received an administrative warning from Sebi. At 9:30am, the stock was trading at Rs 796.45.

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In an exchange filing on February 29, ICICI Securities said that the Securities and Exchange Board of India (Sebi) has issued an administrative warning to the company "in connection with the inspection of books and records for the merchant banking activities". ICICI Securities added that the event had no financial, operation or other activities of the Company

pursuant to the above-mentioned administrative warning letter.

Also read: ICICI Securities Q3 results: Net profit up 67% at Rs 465 crore, revenue jumps 50%

For Q3FY24, ICICI Securities reported a standalone net profit of Rs 465 crore, a jump of 67 percent to the previous fiscal. Standalone revenue from operations stood at Rs 1,322 crore during the quarter under review, around 50 percent higher than the previous fiscal. Over the last one year, stocks of ICICI Securities have gained over 69 percent.