Shares of the top three private sector lenders — HDFC Bank, ICICI Bank and Axis Bank — have witnessed a mixed trend in the past one month. While HDFC Bank and ICICI Bank have gained, Axis Bank shares have dropped marginally.
HDFC Bank shares ended at Rs 1,667 on Friday (June 9), up 8.59 percent from Rs 1,535 on May 9 while ICICI Bank gained 6.64 percent from its May 9 closing of Rs 301 to end at Rs 322.
Axis Bank lost during the one-month period to end at Rs 513 from Rs 517, reflecting its weak performance for the fourth quarter ended March 2017.
ICICI Prudential Life Insurance Company, which listed at a discount after its September initial public offering (IPO), has since gained and has delivered 33.9 percent since October 10 (Rs 324). The stock closed at Rs 434 on Friday.
ICICI Bank is planning to offload partial stake in its general insurance subsidiary, ICICI Lombard General Insurance Company Limited. Recently, its joint venture partner, Fairfax Financial Holdings Limited, decided to sell 12.18 percent of its holding to a clutch of investors — Red Bloom Investment Ltd (9 percent), a company wholly-owned by private equity funds managed by Warburg Pincus LLC; Tamarind Capital Pte. Ltd (1.59 percent), a company wholly-owned by the Clermont Group and IIFL Special Opportunities Fund (1.59 percent), managed by IIFL Asset Management Limited.
After the transaction, the two joint venture partners will hold 63.31 percent and 22.13 percent (Fairfax Financial Holdings), respectively.
During the period, the BSE Sensex rose from 29,933 (May 9) to 31,262 (June 9).