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Capital Markets

ICICI Securities lists at steep discount as scandal hits parent ICICI Bank

Stock of India's largest equity broker started trading 17% lower than IPO price

The controversy surrounding ICICI Bank comes at a time when investor confidence in India’s banking sector has already taken a hit after a massive $2-billion fraud was exposed in February.   © Reuters

MUMBAI (NewsRise) -- Shares of ICICI Securities listed at a steep discount on the Indian stock exchanges amid investor caution about its valuation and lingering concerns about authorities probing parent ICICI Bank's lending policy.

ICICI Securities, India's largest equity broker, opened trading as much as 17% lower than the issue price of 520 rupees ($8) on Wednesday, after its initial public offering raised a lower-than-expected $540 million last week.

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