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Minority shareholders are opposing its delisting and merger with parent ICICI Bank on grounds of unfavourable valuation and swap ratio.

The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.
While the earnings have been encouraging, the real challenge lies in addressing the slowing deposit growth and leadership uncertainty.
ICICI Bank’s steep hike in minimum balance requirements and subsequent U-turn raise questions about whether these rules can and should endure.