Icici Bank Up On Bajaj Auto Stake Sale Buzz

ICICI Bank, which did not benefit from the general rally in bank stocks in the last quarter, has come in for some speculator interest, fanned by rumours which the bank has emphatically denied.

The ICICI Bank scrip has already risen 13.2 per cent in July with soaring volumes. In the process, the scrip climbed to a two-year high today to close at Rs 160.

The scrip has been moving up in the past few days on the back of rumours that Bajaj Auto is planning to place its stake in the bank with strategic investors. Bajaj has a 3.52 per cent stake in the bank.

 

The market has been abuzz with rumours of an imminent stake sale at Rs 190 per share. However, Bajaj Auto chairman and managing director Rahul Bajaj denied being in talks with any investor.

Foreign institutional investors have been showing increasing interest in the bank. There could also be positive news for the bank as and when banks would be allowed to sell defaulters