ICICI Bank shares gain, underperforms ADR

Reuters : Mumbai, Thu Mar 21 2013, 11:54 hrs

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Shares in ICICI Bank Ltd gained 4.3 percent, heading towards its biggest single-day gain since Nov. 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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