NEW DELHI: Shares of ICICI Bank extended losses on Tuesday as investors exercised caution due to its exposure to Singapore-based oil trading company Hin Leon Trading Pte which has filed for bankruptcy protection.
Shares of the private lender slumped 7.2% today, having declined 3.8% on Monday. ICICI Bank had lent $100 million to the Singapore company of which $75 million was secured through inventories, a report by S&P Global Platts agency said.
Billionaire oil trader Lim Oon Kuin, popularly known as OK Lim, who was managing director of Hin Leong Trading or HLT, outlined the reasons for his financial difficulties in a filing for protection from debtors under Section 211B of Singapore's Companies Act dated 17 April. "While he has taken