The shares of ICICI witnessed a decline 12.11 per cent and closed at Rs. 493 on the fear of its large exposure in the US market. However, the largest private bank of India, said that its UK subsidiary has almost zero exposure in the U.S. sub-prime credit. .The Sensex declined by 10% in last week and shares of ICICI also declined by about 2 percent in the same period.

The lack of clarity over the losses and exposure of bank also contributes in the falling of share prices.

The ICICI bank said in a statement that it has no exposure in the US sub prime or collateralized debt obligations (CDO), credit linked notes (CLNs) or credit default swaps (CDS). Its US subsidiary has only 18 per cent exposure in its non-India investment book. The global rating agencies also rated its 89 percent investment as ‘A’ and above. It UK subsidiary has also cash equivalent instruments, inter-bank placements and certificates of deposit of $1.1 billion without any exposure in the US market. The bank has total assets of worth about $113 billion as on June 30, 2008.