ICICI Bank shares rise on value buying

The gap between the bank's local shares and (ADR) has significantly increased, making a good risk-reward for buying the stock

Shares in ICICI Bank gained 4.3 %, 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 % in the past two weeks to close at  Rs 1,001.55  on Wednesday, while its ADR fell 9.6 % in the same period to $40.6.