Read Bloomberg report and it is very scary. The CFO, Chairman and other officials at ICICI bank will do good buy buying shares of ICICI bank in open market to reassure the panic sellers. Instead of refuting the rumours, they should invite high networth individuals to invest in thier company. I am surprised that even Finance minister is coming to the rescue of the ICICI bank. There are several examples from the past few weeks, where even CEO had no clue as to what their company is in. Wachivia bank CEO said live on a cramer show, that his company was great and will take the benefits of recent crisis only to report Bankruptcy within a week.
Even if ICICI bank is safe, its earning potential and growth is vastly minimized because of several reasons.
a) Most of their earnings will go towards insuring their bonds.
b) Most of their earnings will eavaporate due to losses in CDOs.
I have already said that ICICI bank stock is at risk and its share price will drop below RS 300.
I will not buy ICICI stock, unless the CEO, CFO and other executives buy their own stock in open market.
Filed under: Finance India, India blogs, Indian Bloggers , ICICI bank, icici bank bonds, ICICI bank risk rises, ICICI bank stock plummets, ICICI stock dives, icici uk subsidiary, icici US subsidiary
