The Life Insurance Corporation of India has made a significant move in the stock market. It reduced its stake in ICICI Bank Ltd to below the 5% mark. This action happened just before the bank's third-quarter earnings report scheduled for Saturday, January 17.
Details of the Stake Reduction
LIC divested a substantial number of shares through market sales. The state-owned insurer sold 12.70 crore shares of ICICI Bank. This transaction lowered LIC's ownership in the bank from 6.737% to 4.731% of the total equity capital.
Before this sale, LIC held 46.51 crore shares of ICICI Bank. That represented 6.737% of the overall voting capital. After the sale, its stake now stands at 33.81 crore shares. This accounts for 4.731% of the bank's capital.
The transactions occurred over a specific period. They took place between December 24, 2020, and January 13, 2026, according to official disclosures. LIC also clarified its position. It stated clearly that it is not part of the promoter or promoter group of ICICI Bank.
Market Performance on Friday
Shares of both ICICI Bank and LIC showed little movement during Friday's trading session. LIC shares opened at ₹826 each on the Bombay Stock Exchange. The stock reached an intraday high of ₹830.5 and touched a low of ₹821.40 per share.
Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, shared his technical perspective on LIC. He noted that the stock remains in a downtrend. It is forming a lower top–lower bottom structure. Although prices have entered the oversold zone and positive divergence is visible, the absence of clear reversal signals suggests that underperformance may continue.
Bhosale identified key price levels for LIC. He believes the next important support is around ₹800. Meanwhile, ₹850–860 acts as an immediate stiff resistance zone.
ICICI Bank's Trading Pattern
ICICI Bank shares opened at ₹1,415 apiece on the BSE. The stock touched an intraday high of ₹1,420.60 and an intraday low of ₹1,402.40. According to Bhosale, the stock has been witnessing volatile moves over the last couple of weeks. However, it continues to trade above its recent breakout and the 200-day Simple Moving Average.
Bhosale pointed out specific support and resistance levels for ICICI Bank. Strong support is placed in the ₹1,390–1,380 zone. A decisive break below this could trigger further downside. On the upside, ₹1,430–1,440 remains an immediate resistance. Only a sustained move above this zone is likely to revive momentum in the primary uptrend.
Another analyst offered additional insights. Mahesh M Ojha, AVP — Research at Kantilal Chaganlal Securities, mentioned that ICICI Bank shares have shown solid consolidation from their present levels. The shares of this private bank found strong support around ₹1,328. Potential upside levels could reach 1424-1440-1460-1500 or more. Mahesh said we can anticipate upward movement in these levels accordingly.
Expectations for Q3 Results
Seema Srivastava, Senior Research Analyst at SMC Global Securities, explained what to expect from ICICI Bank's Q3 results tomorrow. She expects moderately positive results. This should be supported by healthy core banking performance and steady credit growth.
Srivastava believes the bank is likely to report mid-single-digit year-on-year growth in profit. This will be driven primarily by an improvement in net interest income. Loan growth remains robust across retail and business banking segments.
She highlighted specific factors influencing performance. Net interest income is expected to rise due to sustained demand for loans and stable net interest margins. This occurs even as competition for deposits and funding costs remain elevated.
Further, she noted that Net Interest Margins are likely to remain broadly steady during the quarter. This provides consistency to core earnings. Non-interest income is expected to offer limited support. Fee income should remain stable while treasury gains are likely to be muted due to market conditions.
Despite these factors, overall earnings are expected to remain resilient. Strong operating fundamentals will aid this performance. Asset quality trends should remain comfortable. Slippages and credit costs should stay under control. No major stress is anticipated across loan portfolios.
According to Seema, investors should monitor several key areas. These include management commentary on loan and deposit growth trends. The margin outlook amid a changing interest rate environment is also important. Expectations for credit growth and profitability in the coming quarters will be crucial indicators.
Previous Quarter Performance
ICICI Bank's consolidated profit for the quarter ending in September rose by 3.2% to ₹13,357 crore. The bank had announced a consolidated net profit of ₹12,948 crore during the same period last year.
On a standalone basis, the second largest private sector bank recorded a 5.2% increase in its post-tax profit. This reached ₹12,359 crore, compared to ₹11,746 crore in the previous year's quarter.
The core net interest income grew by 7.4% to ₹21,529 crore. This was driven by a 10.6% rise in advances. The bank experienced a slight decline in its net interest margin. It fell to 4.30% from 4.36% in the same period last year.
Non-interest income, excluding treasury performance, experienced a 13.2% increase. It reached ₹7,356 crore. Treasury income witnessed a significant decline. It dropped to ₹220 crore compared to ₹680 crore during the same quarter last year.
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