ICICI Securities hit a new low today at Rs.315.60 and ICICI Prudential also hit a new 52-low at Rs.361.20.
ICICI Securities had got listed on 4th April’18 and it had issued shares in the IPO at Rs.520 and the IPO price of ICICI Prudential was at Rs.334.
SEBI has reportedly issued a directive to ICICI Prudential Mutual Fund for violating the mutual fund code of conduct by making a large investment in the initial public offering (IPO) of its group firm, ICICI Securities. This in turn is what bailed out the ICICI Securities IPO.
Also ICICI Bank, the promoter of ICICI Prudential sold 2%stake through open market operations. Plus the ongoing governance issue at ICICI Bank, all together took a toll on the stock prices of all ICICI group shares.