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ICICI Bank shares rise on value buying

Source : REUTERS
Last Updated: Thu, Mar 21, 2013 07:28 hrs
Broker monitors index numbers on his computer terminals at a stock brokerage firm in Mumbai

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) 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.


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