Three of the biggest lenders to Essar Group gains; shares of ICICI Bank, Axis Bank and State Bank of India rise between 1.5 pct and 5.5 pct.
Debt-laden Essar Group confirmed it has agreed to sell an oil unit to a consortium led by Russia's Rosneft.
"...such a large deleveraging would be positive for Essar Group lenders," Nomura said in a note ahead of the deal announcement.
Exposure to Essar Group expressed as a pct of respective bank's loan book is highest for ICICI Bank, Axis Bank, PNB and SBI - Nomura.
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