It had many huge intraday falls , the one of 25% , who can afford to forget it.
ICICI was angry and approached SEBI for investigation.
The bank had in September sought an investigation by SEBI into its share price movement, alleging that rumours were being spread about the bank to deliberately bring down its stock price. The ICICI scrip had started to tank on news of its exposure to Lehman bonds, and although the bank’s CEO had announced that its fundamentals were sound, the fall was not arrested.
SEBI analysed the trading pattern of the shares of ICICI Bank for the period September 8 to October 10, 2008 when the scrip fell 49.52 per cent, from Rs 720 to Rs 363.65.
“SEBI did not find evidence of manipulative trading in the ICICI Bank shares during the period referred,” said the release.