ICICI Direct App, Web Users Face Glitch, Raise Complaint On Social Media

Several users of ICICI Direct took to social media to complain regarding glitches on its website and mobile application. The users shared screenshots to show that the portal, as well as the app, was not functioning.

ICICI Direct is a platform operated by ICICI Securities Ltd. to allow its clients to trade online in all key segments, including stocks, futures and options, commodities and currencies.

The users, who took to social media to report the outage, said ICICI Direct's website was not loading on their browsers and the app was not responding.

ICICI Direct, through its social media handle, responded to several users, expressing regret. "We sincerely regret the inconvenience caused. Please retry and check now," it posted in an identical reply to most of the complainants on X (formerly Twitter).

Notably, ICICI Securities has been in news over the past several months over its plan to get delisted from the exchanges and become a wholly-owned subsidiary of ICICI Bank Ltd.

The delisting proposal received nod from the Reserve Bank of India in November last year. In the same month, the BSE and the National Stock Exchange of India — the two main bourses — also gave their clearance on the proposal.

However, minority shareholders of the brokerage moved the National Company Law Tribunal to challenge the delisting plan. After the proceedings, the tribunal dismissed their petition in August.

Shares of ICICI Securities were trading marginally lower by 0.05% at Rs 896.1 apiece on the NSE at 11:55 a.m., compared to a 0.02% climb in the benchmark Nifty 50.

Year-to-date, the stock has risen by 24.8%, whereas the surge has been sharper at 45.7% over the past 12 months. The relative strength index stood at 71.79.

Out of the three analysts tracking the company, one has a 'buy' rating on the stock, and two suggest a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 18.9%.