India’s stock market capitalisation topped $4.3tn to overtake Hong Kong as the world’s fourth-largest market.
MUMBAI (Reuters) -India's ICICI Bank is facing pushback against delisting its unit ICICI Securities, with some shareholders trying to block the move and the market regulator hauling the bank up over its processes to win shareholder approval. In March, around 72% of ICICI Securities's minority shareholders voted in favour of selling their shares to ICICI Bank, which holds a roughly 75% stake in the brokerage. Ahead of the vote, media reports said ICICI Bank employees called ICICI Securities' shareholders, soliciting their votes in favour of the move.
ICICI Bank (IBN) remains well-positioned for top-line growth, given solid loan and deposit balances, rising non-interest income and high interest rates. However, high costs and weak asset quality remain woes.