The search operation started by GST officers on 3 offices of ICICI Bank on Wednesday is still going on today. According to the information received, this search operation is being conducted by GST officers of Maharashtra. Let us tell you that this search operation is being conducted under Section 67 (1) and (2) of the Maharashtra GST Act, 2017. The bank has informed the stock exchanges about this action at night itself. ICICI Bank has informed the stock exchanges that “GST officers of Maharashtra have started a search operation in 3 offices of the bank. The action being taken in this regard is still going on. As per the bank request, the bank is ready to fully cooperate in this action.”
This may have a direct impact on ICICI Bank shares
According to media reports, Maharashtra GST officials informed that “the search operation conducted at the offices of ICICI Bank is being conducted under Section 67(1) and (2) of the Maharashtra GST Act, 2017.” The important thing to note is that this action is being taken at a time when ICICI Bank is on a strong path of progress. ICICI, one of the largest private sector banks in the country, has reported a massive jump of 14.5 percent year-on-year to Rs 11,746 crore in net profit in the second quarter (July to September) of the financial year 2024-25. However, no other information related to the search operation has been given by the bank or Maharashtra GST officers about this action. It cannot be denied that this news of search operation by Maharashtra GST officers can have a direct impact on ICICI Bank shares.
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ICICI Bank shares traded sharply and closed in the green zone
Stock market experts are keeping an eye on the reaction of investors. Let us tell you that the bank’s ADR on NYSE closed with a gain of 0.36 percent on December 4. According to reports, in yesterday’s trade, ICICI Bank shares traded sharply and closed in the green zone. In early trade, its stock opened at Rs 1302.60 and went up to Rs 1320. However, its pace seemed to slow down as it moved forward.
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