ICICI Bank , one of India's leading private sector banks, has received a final GST order from Mumbai tax authorities, escalating from the earlier Show Cause Notice disclosed in September. The bank made this disclosure to stock exchanges on December 18, 2025.

GST Order Details

The bank received an Order under Section 73 of the Maharashtra Goods and Services Tax Act, 2017 on December 17, 2025 at 01:08 p.m. from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The order raises a total GST demand of ₹237.90 crore, comprising:

Background and Nature of Demand

This order follows the Show Cause Notice (SCN) received by ICICI Bank in September 2025 from the same authority. The tax demand relates to services provided by the bank to customers maintaining specified minimum balances in their accounts, indicating regulatory scrutiny over the bank's account maintenance practices and related service charges.

Bank's Response Strategy

ICICI Bank has indicated it will take appropriate steps to contest the order, including filing a writ petition or appeal within prescribed timelines. The bank noted that it is already in litigation, including writ petitions, on similar issues raised in past orders and Show Cause Notices.

The bank emphasized that due to the aggregate amount crossing the materiality threshold, this matter required disclosure to stock exchanges under Regulation 30 of SEBI regulations.

Regulatory and Market Implications

This development represents an escalation from the earlier notice stage to a final order with additional penalty components. The ₹237.90 crore demand, while substantial, remains contested and subject to legal proceedings.

For stakeholders, this highlights ongoing regulatory challenges in the banking sector regarding GST interpretation and application to banking services. The bank's proactive disclosure demonstrates compliance with transparency requirements while it prepares to challenge the order through appropriate legal channels.

ICICI Bank , one of India's leading private sector banks, recently executed significant block trades on the National Stock Exchange (NSE), demonstrating continued market activity in the banking sector.

Block Trade Details

Two notable block trades were reported:

1. A transaction involving 704,229 shares of ICICI Bank, which were traded at a price of Rs. 1,365.70 per share. This substantial transaction resulted in a total value of Rs. 96.18 crores.

2. Another block trade involving 1,020,029 shares at a price of Rs. 1,365.90 per share. The total transaction value for this trade amounted to Rs. 139.33 crores.

Combined, these block trades represent a total value of over Rs. 235.51 crores.

Market Implications

Block trades of this magnitude are often closely watched by market participants as they can provide insights into institutional investor sentiment or significant changes in ownership. While the specific parties involved in these transactions have not been disclosed, such trades can sometimes indicate strategic moves by large investors or institutions.

ICICI Bank's Market Position

ICICI Bank, known for its strong presence in retail and corporate banking, continues to be an active player in the Indian stock market. These block trades underscore the liquidity and investor interest in the bank's shares.

Investor Considerations

While these block trades represent notable transactions, investors and market analysts will likely be keen to observe any potential impact on ICICI Bank's stock price and trading volumes in the coming days. It's important to note that single block trades, while significant, should be considered alongside other market factors and the bank's overall financial performance when evaluating investment decisions.

Investors are advised to conduct their own research and consider their financial goals before making any investment decisions based on market activities such as these block trades.