ICICI Bank received a show cause notice (SCN) for ₹229.14 crore from Maharashtra GST authorities regarding service tax demands on specific banking services.

The notice, issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017, targets services provided to customers maintaining specified minimum balances in their accounts. This new demand is significantly larger than the ₹16.76 crore SCN previously received from West Bengal GST authorities in September 2026 for similar issues.

Breakdown of the Demand

The Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate issued the SCN on September 30, 2026. The aggregate amount involved crosses the materiality threshold, necessitating disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Legal Context and Response

The bank stated it is currently in litigation, including writ petitions, regarding similar issues raised in past orders and SCNs. The current notice pertains to the same category of services as the West Bengal demand. ICICI Bank confirmed it will file a reply to the said SCN within the prescribed timelines.

The disclosure was made to BSE Limited and National Stock Exchange of India Limited, with copies sent to the New York Stock Exchange, SIX Swiss Exchange Limited, Singapore Stock Exchange, and Japan Securities Dealers Association.

ICICI Bank shares worth ₹2,912.13 crore changed hands on BSE in a large-trade signal flagged by real-time trade-scanning systems.

This is a real-time large-trade signal, not a confirmed block or bulk deal. NSE/BSE publish official block and bulk deal reports only after market close — this trade may or may not appear there.

Trade details

The activity involved approximately 2,20,89,220 shares of ICICI Bank, transacted at a price of ₹1,318.35 per share on BSE, for a combined value of ₹2,912.13 crore. The signal was flagged by the system based on the size and speed of trades clustering at or near this price within a short window. No buyer, seller, broker, or client identity is available at this stage, as such disclosures are made only by the exchange after market close.

Signal summary

What this is, and isn't: this reflects trade-level activity — a cluster of trades in the stock above, printed within a short window at or near the quoted price, for a combined value as stated. It is generated by our real-time trade-scanning system and is not, by itself, evidence of a block or bulk deal.

A block deal has to be executed in the exchange's dedicated window (8:45–9:00am or 2:05–2:20pm), within a set price band, and above the current minimum order size (₹25 crore). A bulk deal is when one client's total trading in a stock crosses 0.5% of its equity in a single day — confirmed only once every trade that client made is added up.

Both are published by NSE/BSE after trading hours end, typically after 3:30pm — never before. If this trade qualifies as either, it will appear in the exchange's own report later today, not here first.