The stock traded in a range of ₹1,360-1,400 during the session with sell orders dominating at 64.86 per cent, against 35.14 per cent buy orders. Trading volumes remained robust with 130.33 lakh shares valued at ₹1,788 crore.
The market reaction comes after ICICI Bank reported a profit after tax of ₹11,320 crore for Q3FY26, down 4 per cent year-on-year and 8.4 per cent quarter-on-quarter. The decline was mainly driven by an unexpected RBI-mandated default asset provision of ₹1,283 crore on a priority agricultural sector loan portfolio worth ₹20,000-25,000 crore, which was flagged during the regulator’s annual supervisory review for non-compliance with priority sector norms.
Leading brokers have maintained their buy ratings despite the impact of the provisions. Anand Rathi maintained his buy rating with a target price of ₹1,713, valuing the core bank at 2.5 times FY28’s price-adjusted book value. Systematix Institutional Equities raised its target to ₹1,770 from ₹1,590, while SBI Securities pegged fair value at ₹1,700-1,750. All three firms cited the board’s approval of Bakhshi’s two-year extension until October 2028 as a significant positive, removing a major overhang.
Analysts noted that, excluding one-time provisions, operating profit before provisions grew 6 to 7 percent year-over-year. Credit growth accelerated to 11.5 percent year-on-year, while net interest margins remained stable at 4.30 percent. Asset quality remained resilient, with gross non-performing assets at 1.53 percent.
However, concerns remain over higher credit costs in the coming quarters as the bank works to regularize its undervalued agri portfolio. The stock currently trades at a price-to-book multiple of 3.0 times estimated FY26 book value.
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Published on January 19, 2026
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