Marked-to-market Woes of ICICI Bank

On 4th March, the share price of ICICI Bank tanked by 9% on reports that it had lost a whopping $264 million due to the US subprime crisis. The market was rife with rumours that other Indian banks would report similar losses on their overseas exposure. Later, one learnt that the news originated from a finance ministry reply to a question in Parliament. But that afternoon, panicky investors...

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