I know that the banking sector has seen very bad times in the recent past and I know that people wouldn't even like to touch the banking sector with a bargepole. But ICICI Bank, which is India's largest bank, is actually a pretty safe bet because it has had pretty limited exposure to the US subprime crisis and it hasn't had a lot of CDOs on its books. So, this bank has been well insulated. It just suffered some losses due to foreign currency hedging. But that is really temporary and these losses took place last quarter. So, the bank has had a chance to recover itself. Right now, the price is down simply because of market sentiment. I certainly expect the prices to improve and the stock to rally.
$37.01 (06/14/08)
