ICICI Bank shares fall over 3% in September
ICICI Bank's shares slid over 3% in September, closing at ₹1,348.10 on September 30, 2025.
The decline comes as the bank disclosed it received a hefty GST notice from Mumbai tax authorities, who say the bank owes ₹216 crore for allegedly underpaying tax on services to customers with minimum balance accounts.
GST notice adds to investor jitters
This kind of regulatory heat can potentially make investors nervous—ICICI Bank is a major player with a market cap of nearly ₹9.62 lakh crore.
The bank says it's already dealing with similar cases and will respond in time, but the size of this demand is significant for anyone watching the stock.
Financials show bank is still doing well
Even with this pressure, ICICI Bank still looks strong financially: its earnings per share are ₹74.12 and its price-to-earnings ratio stands at 18.19.
Still, market ups and downs are likely as everyone waits to see how things play out.