Share prices of ICICI Bank closed around 5 per cent higher today with the stock being re-rated subsequent to its merger with its erstwhile parent ICICI Ltd last month.
The shares opened at Rs 157.90, rose 6 per cent to a high of Rs 163.40 and closed the session at Rs 161.80. On the BSE, 2.43 lakh shares changed hands.
The price of the ICICI Bank stock has been going up since May 3, when its merger with ICICI became effective. The share prices have gained by 44.5 per cent between May 2 and today.
Apart from the re-rating, market watchers said that talks of 16 per cent of the bank's equity held in a trust to be sold at a premium to the market price have also led to the firm trend in the counter. The positive outlook for the banking sector in general has also contributed to the bullishness in the stock.
