After Chandra Kochhar’s unceremonious exit, ICICI Bank shares have risen substantially. Its recent underperformance has more to do with macro factors than fundamentals, and its aspiration to remain a sustainable and profitable lender is on the right track.
During the 2009 to 2018 period, when Chanda Kochhar–who took a mostly retail approach towards the growth– was at the helm of ICICI Bank, its stock price rose 11% annually, while the Nifty was up 10%. In other words, it barely managed to beat the index. In 2018, when Sandeep Bakhshi took over from her after the bank had taken a hit on account of allegations of irregularities in extending loans to a corporate group, expectations soared.
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