ICICI Gains Most in Asia on Speculation Sour Debt Has Peaked
This article is for subscribers only.
ICICI Bank Ltd., the largest Indian private sector lender by assets, was Asia’s best-performing bank stock on Tuesday amid speculation the company’s bad loans had peaked and its profitability will improve.
ICICI jumped 7.7 percent, the biggest intraday gain since May 16, to 325.65 rupees at 3:30 p.m. local time in Mumbai as investors were buoyed by comments Chief Executive Officer Chanda Kochhar made the previous day after the bank’s earnings. The gain was the biggest among the Bloomberg Asia-Pacific Banks Index’s 60 members.