Company Shares of ICICI Bank Limited Drops by -2.57%

ICICI Bank Limited (NYSE:IBN) has tumbled 2.57% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 8.12% in the last four weeks. The stocks have underperformed the S&P 500 by 1.41% during the past week but ICICI Bank Limited (NYSE:IBN) it has outperformed the index in 4 weeks by 7.13%.

ICICI Bank Limited (NYSE:IBN): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $7.13 and $7.10 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $7.23. The buying momentum continued till the end and the stock did not give up its gains. It closed at $7.19, notching a gain of 0.84% for the day. The total traded volume was 10,018,435 . The stock had closed at $7.13 on the previous day.

The company shares have dropped -30.80% from its 1 Year high price. On Jul 13, 2015, the shares registered one year high at $10.62 and the one year low was seen on Feb 25, 2016. The 50-Day Moving Average price is $7.00 and the 200 Day Moving Average price is recorded at $6.91.

Many analysts have stated their opinion on the company shares. Equity analysts at the Brokerage firm Goldman Sachs downgrades its rating on ICICI Bank Limited (NYSE:IBN). The rating major has initiated the coverage with neutral rating on the shares. Earlier, the shares were rated a Buy by the brokerage firm. The rating by the firm was issued on May 3, 2016. Institutional Investors own 21.9% of ICICI Bank Limited shares.

ICICI Bank Limited is a banking company. The Bank is a financial services group providing a range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. Its operating segments include Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance and Others. Retail banking includes exposures of the Bank, which satisfy the criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in Basel Committee on Banking Supervision document International Convergence of Capital Measurement and Capital Standards: A Revised Framework. Wholesale banking includes all advances of the Bank to trusts, partnership firms, companies and statutory bodies. Treasury includes the entire investment and derivative portfolio of the Bank.

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