ICICI Bank Share Price Today, 2 December 2025: Nomura View, RBI Order, ICICI Pru AMC IPO and 2026 Targets

Mumbai, 2 December 2025 — ICICI Bank Ltd (NSE: ICICIBANK, BSE: 532174) spent Tuesday’s session trading mildly lower, but the stock sits on top‑tier fundamentals, fresh capital-raising, and a powerful upcoming catalyst in the form of the ICICI Prudential AMC IPO. At the same time, the bank is on the radar of global houses like Nomura and domestic brokers such as Kotak Securities, both of which see scope for further upside despite near‑term volatility. ^[1]

This article pulls together the latest price action, earnings, regulatory developments, analyst targets and group-level triggers for ICICI Bank as of 2 December 2025. It is for information only and should not be treated as investment advice.

ICICI Bank share price today: trading around ₹1,380, mid‑range in 52‑week band

As of late morning on 2 December 2025, ICICI Bank shares on the NSE were trading around ₹1,375–1,380, with the Economic Times liveblog citing a last traded price of ₹1,376.6 and a market capitalisation of about ₹9.85 lakh crore. ^[2]

ICICI Direct’s live page shows a spot price of ₹1,377.8, a six‑month return of –4.7% and a one‑year gain of 5.61%, with a 52‑week range of ₹1,186–₹1,500. At that price, the stock trades at roughly 17.4× trailing earnings and 3.0× price‑to‑book, broadly in line with its long‑term premium to the Indian banking sector. ^[3]

In the US, ICICI Bank’s NYSE‑listed ADR (ticker: IBN) closed on 1 December at $30.58, implying a market cap a little above $109 billion, with valuation multiples in the ~18× P/E and ~3× P/B zone and a dividend yield near 0.7%.

Taken together, the stock is not cheap, but it is still trading below its 52‑week high and well above its recent lows, reflecting the market’s view of ICICI Bank as a high‑quality, steady compounder rather than a high‑beta trade.

Market mood: ICICI Bank and HDFC Bank weigh on Sensex and Nifty

Broader sentiment on Tuesday was cautious. Business Today reported that the Sensex slipped nearly 380 points in early trade before trimming losses, while the Nifty fell below 26,100, as HDFC Bank and ICICI Bank led the losers. ICICI Bank was down around 0.8% in early trades, alongside weakness in other financials. ^[4]

NDTV Profit’s live market blog noted that by roughly 11:20 am IST, the Nifty 50 and Sensex were about 0.38% and 0.37% lower, respectively, with ICICI Bank and HDFC Bank among the key drags and the rupee sliding to a record low near 89.95 per US dollar. ^[5]

So, the stock’s weakness today looks driven more by macro jitters (currency and index pullback) than by any bank‑specific blow‑up.

Earnings check: Q2 FY26 delivered steady growth and cleaner asset quality

Fundamentally, ICICI Bank is coming off a solid Q2 FY26 (July–September 2025) print.

Moneycontrol’s earnings coverage shows that: ^[6]

Standalone net profit rose about 5.2% year‑on‑year to ₹12,359 crore, beating consensus estimates.
Net interest income (NII) grew roughly 7–8% YoY to about ₹21,530 crore, supported by healthy loan growth and resilient margins.
Asset quality improved further:
- Gross NPA ratio eased to around 1.58% (from 1.97% a year earlier).
- Net NPA ratio edged down to 0.39%.
- Absolute gross NPAs fell by over ₹3,000 crore YoY.
Provisions dropped by roughly a quarter year‑on‑year to about ₹914 crore, reflecting the cleaner loan book.
The Basel III capital adequacy ratio improved to roughly 15.8%, giving the bank ample growth headroom.

A fresh technical note from Kotak Securities’ Shrikant Chouhan, published in Business Standard on 2 December, goes further on the profitability side. Kotak highlights that in Q2 FY26: ^[7]

Net interest margin (NIM) held near 4.3%.
Return on assets (RoA) was about 2.3%.
Return on equity (RoE) stayed in the 16–17% range.
The cost‑to‑income ratio remained a lean ~39–40%.

On the balance sheet, Kotak notes that total advances stood at ₹14.1 trillion, with domestic loans up 10.6% YoY, driven by: ^[8]

Retail loans at around 52% of the book, led by secured products such as mortgages.
A fast‑growing business banking (SME) franchise, up about 25% YoY.
Unsecured retail exposure (credit cards + personal loans) tightly managed at roughly 13% of total loans, limiting tail risk.

In short, ICICI Bank is still posting double‑digit loan growth, high‑teens RoE, and improving NPAs — precisely the combination investors usually pay a premium for.

RBI compounding order: tiny FEMA penalty, but compliance in focus

The main regulatory headline around ICICI Bank in late November was an RBI compounding order under FEMA (foreign exchange rules).

Exchange disclosures collated by MarketScreener and StockWatch show that: ^[9]

The Reserve Bank of India’s Foreign Exchange Department (Ahmedabad) issued a compounding order dated 25 November 2025, received by the bank on 26 November.
ICICI Bank has been directed to pay ₹22,73,554 (about ₹22.7 lakh).
The violations relate to delays in filing Form FCGPR and FCGPR Part B, using an ineligible payment mode for some ESOP allotments to non‑residents, and late filing of the foreign liabilities and assets return for five financial years.
Reuters summarised the impact on the bank’s financials as about ₹2.3 million (₹23 lakh), explicitly calling it immaterial.

Relative to quarterly profits north of ₹12,000 crore, the amount is a rounding error. What matters more is the signal:

RBI has overhauled FEMA compounding rules in 2025 to nudge companies towards cleaner and timelier compliance, and ICICI Bank’s order is a reminder that even procedural delays can attract penalties. ^[10]
As long as such lapses stay isolated and small, they are unlikely to affect ICICI’s valuation. A pattern of repeated failures, however, would begin to irritate investors in a stock priced as a “quality franchise”.

For now, the market appears to be treating this as a one‑off compliance clean‑up, not a governance red flag.

Capital strength: ₹39.45 billion Tier II bonds at 7.40% coupon and AAA ratings

In parallel with the compounding news, ICICI Bank has been adding to its capital buffers.

Reuters and the Economic Times’ BFSI section report that the bank has: ^[11]

Raised ₹39.45 billion (₹3,945 crore) via Basel III‑compliant Tier II bonds.
The bonds have a 15‑year maturity with a call option after 10 years, and carry a coupon of 7.40%.
They are rated “CARE AAA; Stable” and “[ICRA] AAA (Stable)”, indicating the highest credit quality on the Indian rating scale.
A regulatory filing notes that, in case of any delayed interest or principal payment, ICICI Bank would pay an extra 2% interest over the coupon for the default period. ^[12]

For investors, this has two implications:

Capital adequacy remains comfortably above regulatory minimums, with the bond issue giving the bank more room to grow its loan book without crimping ratios.
The AAA pricing at 7.40% reinforces the market’s view of ICICI as a low‑credit‑risk borrower, even in a busy rupee bond market where top‑rated issuers are locking in longer‑tenor funding.

Investor relations: Macquarie foreign investor meet on 2 December

In an exchange filing dated 26 November, ICICI Bank disclosed its investor meet schedule under SEBI’s Listing Regulations. The schedule lists a “Macquarie foreign investor trip” group meeting on 2 December 2025, to be held in‑person, with the bank explicitly stating that discussions will be based on publicly available documents. ^[13]

The combination of:

a fresh RBI compounding order,
a sizeable Tier II bond issue, and
a high‑profile foreign investor interaction

means today’s news flow is as much about signalling to global capital — “our balance sheet is strong and we’re dealing with compliance issues” — as it is about near‑term earnings.

Group catalyst: ICICI Prudential AMC’s ₹10,000 crore IPO in December

The biggest structural catalyst around ICICI Bank right now is actually outside the bank’s own balance sheet — in its asset‑management joint venture.

According to Reuters and the Economic Times, ICICI Prudential Asset Management Company (ICICI Pru AMC), India’s second‑largest mutual fund house, plans to launch a roughly $1.2 billion (about ₹10,000 crore) IPO in the second week of December 2025, targeting a valuation around $12–12.5 billion (roughly ₹1.0–1.1 trillion).

Key details across multiple reports:

ICICI Pru AMC is a joint venture between ICICI Bank (51% stake) and UK‑based Prudential (49%).
A subsidiary of Prudential is expected to sell up to 10% stake via the offer‑for‑sale (OFS); the IPO itself may not include a fresh issue of shares.
On 2 December, several outlets, including the Times of India and Indian Express, reported that SEBI has granted final approval for the IPO, with the public offer likely to open around 12 December and close in the second half of the month.

Why does this matter for ICICI Bank’s stock?

At a ₹1 trillion valuation, ICICI Bank’s 51% stake would be worth roughly ₹51,000 crore on paper, equivalent to about 5% of the bank’s current market capitalisation.
Even if ICICI Bank does not sell shares in this round, the listing will crystallise a transparent market value for the AMC stake and add another large listed entity to the ICICI group ecosystem.
Over time, the bank could choose to monetise part of this stake, providing optionality for capital release, special dividends, buybacks or growth funding, depending on regulation and management priorities.

In other words, the ICICI Pru AMC IPO is not a direct earnings event today, but it strengthens the “sum‑of‑the‑parts” story that many analysts use for valuing ICICI Bank.

Analyst views and 2026 price targets

Kotak Securities: “High‑conviction structural compounder”

In its 2 December technical and fundamental call, Kotak Securities’ Shrikant Chouhan reiterates a “BUY” on ICICI Bank, with: ^[14]

Current market price (CMP): about ₹1,390 (near recent trading levels).
Fair value (FV) / target price: ₹1,800.
Support levels: ₹1,370 and ₹1,320.
Resistance levels: ₹1,445 and ₹1,550.

Kotak’s thesis rests on:

Best‑in‑class NIM (~4.3%),
Strong RoA (~2.3%) and RoE (16–17%),
Stable asset quality (GNPA ~1.6%, NNPA ~0.4%, provision coverage ~75%), and
A benign credit‑cost trajectory of roughly 30–40 bps.

The note argues that H2 FY26 should be stronger than H1 for banks as loan growth gradually picks up, liquidity improves and margins stabilise after a mild compression phase.

Nomura: banking sector re‑rating, ICICI among preferred large caps

A fresh Nomura strategy piece on 2 December argues that Indian banks as a group still trade below their historical valuations despite a much stronger profitability profile. Nomura estimates the banking sector at around 2.1× one‑year forward book value, roughly an 8% discount to long‑term averages, even as return on assets improve and credit momentum accelerates. ^[15]

In this backdrop:

Nomura expects the Nifty 50 index to reach 29,300 by end‑2026, about 12% above current levels, driven in part by financials. ^[16]
Within private‑sector lenders, Nomura’s pecking order tilts towards Axis Bank and ICICI Bank, followed by SBI on the public‑sector side, citing clean asset quality, strong liability franchises and consistent earnings compounding. ^[17]
The house remains overweight financials but warns that “narrative stocks” with stretched valuations may see flat returns from here, recommending a selective, bottom‑up approach. ^[18]

For ICICI Bank specifically, this positions the stock as a core large‑cap financial holding in Nomura’s India strategy, not just a tactical trade.

Consensus targets: double‑digit upside implied, but not guaranteed

Third‑party aggregators suggest that the Street, on average, still sees room for upside:

Trendlyne collates 28 reports from 11 analysts and pegs the average target price near ₹1,641, implying roughly 18–19% potential upside from the current ~₹1,380 level. ^[19]
TradingView’s forecast page shows a slightly higher mean target around ₹1,705, with a range from about ₹1,440 to ₹1,910, and an overall “Buy” skew on ratings. ^[20]
For the ADR, MarketWatch indicates an average analyst target around $38.6 on IBN, based on over 40 analyst ratings, again with a broadly positive recommendation bias. ^[21]

As always, these are opinions, not promises. But they do indicate that most covering analysts still expect ICICI Bank to outperform moderately over a 12–18‑month horizon, assuming macro conditions remain cooperative.

Technical picture: support near ₹1,370, ceiling around ₹1,450–1,500

On the purely technical side, a few reliable markers stand out:

The Economic Times liveblog notes weekly returns of about 1.6% and describes active but not frenzied trading, with ICICI Bank closing the previous session at ₹1,388.8 before easing today. ^[22]
ICICI Direct data show the stock hovering around its short‑term moving averages, with the 6‑month performance mildly negative, reinforcing the sense of a consolidation phase rather than a runaway trend. ^[23]
A recent ET liveblog entry from 1 December flagged the stock dipping just below its 20‑day simple moving average near ₹1,386, a classic sign of short‑term digestion after a strong run. ^[24]
Technical commentary picked up by TS2 and broadcast media places a support zone roughly in the ₹1,340–1,370 area, and a resistance band between ₹1,400 and ₹1,500, with options activity clustering around the ₹1,400 call strike for near‑month expiry. TS2 Tech+1

Kotak’s trading levels — support at ₹1,370/₹1,320 and resistance at ₹1,445/₹1,550 — broadly echo this map. ^[25]

Put simply, ₹1,370 has emerged as an important pivot in the near term. Sustained trading above that level keeps the medium‑term uptrend intact, while a decisive break below would likely trigger a closer look at whether the macro backdrop has genuinely deteriorated.

Key risks to watch: growth, margins and regulation

Even with strong fundamentals, ICICI Bank is not risk‑free. The big moving parts investors are watching include:

Loan‑growth momentum
- Nomura flags subdued loan growth as a key risk for Indian banks if macro conditions soften or if competitive pressure intensifies. ^[26]
- ICICI’s Q2 numbers already show some moderation in retail growth versus earlier years, albeit from a high base. ^[27]
Margin pressure from deposit competition and rate cuts
- The sector has seen sticky deposit rates, and further policy easing could compress lending margins before banks fully reprice their liabilities. ^[28]
- Kotak believes margins may have bottomed in Q2, but that remains a forecast, not a certainty. ^[29]
Asset‑quality surprises, especially in unsecured and SME segments
- While ICICI’s unsecured book is capped near 13% of loans, a sharp economic slowdown or regulatory clampdown on consumer credit could still test loss assumptions. ^[30]
Regulatory scrutiny
- RBI’s tighter FEMA compounding framework and general emphasis on governance mean that repeated compliance lapses, even if small, could eventually weigh on the valuation premium ICICI enjoys today. ^[31]
Execution around group IPOs and capital allocation
- The ICICI Pru AMC IPO brings opportunity but also scrutiny: investors will watch how the bank treats its 51% stake, how much flexibility it keeps for future monetisation, and whether any pricing mis‑steps affect sentiment towards the broader ICICI group.

Bottom line: what 2 December 2025 means for ICICI Bank stock

Put together, the 2 December 2025 story for ICICI Bank looks like this:

Price action: The stock is slightly in the red intraday, contributing to modest weakness in the Nifty and Sensex, but still trading near the middle of its 52‑week range and well above key supports. ^[32]
Fundamentals: Q2 FY26 confirmed high‑teens RoE, strong NIMs and improving NPAs, with provisions falling and capital ratios strengthening. ^[33]
Regulation & capital: An immaterial FEMA compounding penalty sits alongside a large, AAA‑rated Tier II bond issue, reinforcing the narrative of a well‑capitalised bank that is being nudged on compliance rather than punished on solvency. ^[34]
Strategic catalysts: The SEBI‑cleared ICICI Pru AMC IPO adds a value‑unlocking angle that pure bank peers do not currently enjoy.
Street stance: Local brokers like Kotak call ICICI a high‑conviction compounder with targets up to ₹1,800, global strategists like Nomura place it in their preferred large‑bank basket, and consensus aggregators still see mid‑teens percentage upside over 12–18 months — albeit with normal market risks attached. ^[35]