MUMBAI, Apr 30 (Reuters): Indian shares fell on Friday as ICICI Bank slumped more than 2 per cent after reporting its smallest quarterly profit in nearly a decade, as indexes headed for their first weekly decline in three after disappointing quarterly results.
ICICI Bank, India's second-biggest private sector lender by assets, declined 2.5 per cent as its fourth-quarter net profit lagged estimates after provisions for bad loans jumped.
However, analysts said the overall March-quarter earnings weren't as bad as the market had initially feared. Cement makers such as ACC and Ambuja Cements rose 1 per cent each after posting an increase in cement sales volume for the March quarter.
"With the prospect of commodities stabilising and earnings looking slightly better, there is an expectation that the earnings can bounce back to 18-20 per cent-odd levels and some bit of that is captured in the market", said Pankaj Pandey, head of research at ICICI Securities.
The broader NSE index was down 0.61 per cent at 7799.15 at 0749 GMT, and down 1.2 per cent for the week, snapping a two-week winning streak.
The NSE was still on course to gain 0.8 per cent for the month, though momentum has waned after the index surged 10.75 per cent in March.
The BSE index fell 0.56 per cent to 25,458.63.
Among other decliners, Idea Cellular fell 8 per cent after India's third largest telecom company's voice and data traffic growth missed analyst estimates.
HCL Technologies fell 5 per cent after several brokers cut price targets on the stock over disappointing earnings. [Read More]

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Source: The Financial Express