ICICI Bank shares up 4% on value buying

Mumbai: Shares in ICICI Bank gained 4.3 percent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist.

Traders said the gap between ICICI Bank’s local shares and American Depositary Receipt (ADR) had significantly increased, making a good risk-reward for buying the local stock.

[caption id=“attachment_669758” align=“alignleft” width=“380”] ICICI Bank’s local shares fell 12.1 percent in the past two weeks to close at Rs 1,001.55 on Wednesday. AFP[/caption]

ICICI Bank’s local shares fell 12.1 percent in the past two weeks to close at Rs 1,001.55 on Wednesday, while its ADR fell 9.6 percent in the same period to $40.6.

Reuters