ICICI Bank slips on FII cap buzz

Dalal Street Spikes

 The counter recovered from lower levels on reports that the finance ministry has said the government has not taken any decision on lowering the cap on foreign institutional investments in private banks.

 The counter lost ground in early trades on the back of reports that the government had decided to reduce holdings by foreign institutional investors and non-resident Indians in private sector banks to 26 per cent from 49 per cent.

 The stock is also said to have lost ground on the back of a reports of a Supreme Court ruling which said banks cannot take possession and sell the assets of defaulters after serving a 60-day notice.

 Instead, banks should give borrowers an opportunity to reply before selling the assets, the apex court said.