Shares of ICICI Bank Ltd fall as much as 3 pct to 298 rupees.
Stock posts biggest intraday pct loss since April 20.
The country's 3rd biggest lender by assets posted an 8 pct drop in Q1 profit on Thursday although bad loan additions, or slippages, were the lowest in seven quarters.
Morgan Stanley says expects ICICI Bank's slippages and credit costs in 2017/18 to stay elevated; retains 'underweight'.
"ICICI Bank reported a soft quarter with no clarity on the asset quality 'rabbit hole' contrary to street's expectation of things getting better," Jefferies says.
Nomura analysts say the bank's core operating performance was weak and asset quality performance and management's commentary was 'uninspiring'.
ICICI has the highest non-performing loans in absolute terms among non-state banks.
