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ICICI Bank shares rise on value buying
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An employee's shadow is cast on the ICICI Bank logo at their headquarters in Mumbai April 26, 2012.
Credit: Reuters/Vivek Prakash/Files
Reuters Market Eye - Shares in ICICI Bank gain 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 say the gap between ICICI Bank's local shares and American Depositary Receipt (ADR) (IBN.N) has significantly increased, making a good risk-reward for buying the local stock.
ICICI Bank's local shares fell 12.1 percent in the past two weeks to close at 1,001.55 rupees on Wednesday, while its ADR fell 9.6 percent in the same period to $40.6.
(Reporting by Abhishek Vishnoi)
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