India's ICICI Securities extends losses on delisting approval

ICICI Securities

30/06/2023 05:04

** Shares of Indian brokerage ICICI Securities  ICCI.NS 
drop as much as 3.34% to its lowest level in a week at 593.40
rupees
    ** Stock set to decline for fourth consecutive session 
    ** Parent ICICI Bank  ICBK.NS  announced on Thursday that it
will delist ICCI in an approx. $622 mln shareswap deal 
    ** Public shareholders of the brokerage to get 67 shares of
ICBK for every 100 shares of ICCI held, private lender said 
    ** More than 249,834 shares changed hands at 09:20 a.m. IST
vs 30-day avg of 969,302 shares 
    ** Five out of 10 analysts rate the stock "buy" or higher, 2
suggest "hold" while 3 recommend "sell" or lower; median TP 530
rupees - Refinitiv data 
    ** YTD stock had risen ~21% as of last close 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))