Credit rating agencies came forward and make the statement about credit rating of ICICI bank UK arm. Initially it was S&P now Moody too came with statement and restated the sound credit rating. In an interview with NDTV profit bank MD Mr. kamath blamed short seller for hammering the stock price of ICICI bank. He also said that they doubly attacked the bank`s share price by spreading rumour about financial health of ICICI bank.
In my view, though UK subsdiary of the bank will or can report losses but what about its indian operation? If ICICI bank is going to burst here in india then why not other bank? All commercial bank follow the same RBI regulation yes ICICI bank is more aggressive so also it got rewarded by claiming 2nd largest bank of the country in such a short span of time. Leave the bank what about the valuation of its other business leader in insurance (pvt) big AMC, no.1 online trading platform ICICI Securities...Are they worthless? forget about the banking business!!!!!! I think by demise of meryll lynch, Lehman, goldman ICICI bank will get benifited in long run in India by providing core Investment banking services to indian companies....As Its competitor of underwriting buisness now eliminated. short seller`s of ICICI bank.....Good Luck...
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